Prompt Payment Code Change

From today (1 July), signatories to the Prompt Payment Code are required to pay 95% of invoices from businesses with fewer than 50 employees within 30 days. 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. We have published further information following a meeting with the Small Business Commissioner earlier this year, which answers a range of queries raised by members.
 
Build UK will be updating its payment performance table later this month in line with the latest results published under the Duty to Report on Payment Practices and Performance.