Changes to the Prompt Payment Code

Thank you to all those members that joined the meeting with the Small Business Commissioner, Philip King, last week 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.

The discussion answered a wide range of queries that have been raised by members, including that only direct employees should be counted when determining if a company has fewer than 50 employees and that compliance with the new requirement will be enforced from a signatory’s next full reporting period, which for members with a financial year ending 31 December will be January 2022

Build UK is working with the Small Business Commissioner to produce a summary of the key points raised during the meeting, which will be shared with members in due course.