Changes to Prompt Payment Code

The Small Business Commissioner, Philip King, joined a meeting with Build UK members earlier this month to discuss the changes to the Prompt Payment Code, including the new requirement to pay 95% of invoices from businesses with fewer than 50 employees within 30 days from 1 July 2021. Build UK have produced a summary of the key points which answers the range of queries raised by members.

 
Build UK members can use the Common Assessment Standard to identify suppliers with fewer than 50 employees. Question 10 asks ‘Are you a Micro, a Small or a Medium‐Sized Enterprise?’ and any suppliers that state they are ‘Micro’ or ‘Small’ have fewer than 50 employees, in accordance with the EC definitions used within the standard, and this information is independently verified by a certification body on an annual basis.