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Prompt Payment Code strengthened to help small firms


Big businesses have been told they must pay small suppliers within 30, rather than 60 days, under a strengthened Prompt Payment Code.
The Department for Business said the code, first introduced in 2008, needed to be bolstered to protect small firms as poor payment practices were still rife and threatened the viability of solid businesses as the country emerges from the
It said that from July, the 3,000 companies currently signed up to the code would have to pay 95% of invoices to suppliers with 50 employees or fewer within 30 days.
The department also demanded that either the chief executive, finance chief or a director of a participating company made a personal commitment to the code. ....

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Big firms to pay small companies within 30 days


Big firms to pay small companies within 30 days
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The UK will strengthen its Prompt Payment Code (PPC) to push larger firms to pay small businesses quickly.
Under the changes, large companies that have signed up to the code must pay small businesses within 30 days instead of 60.
The government estimates there are £23.4bn worth of outstanding late invoices.
The issue is more prevalent than ever due to the impact of the pandemic.
The small business minister Paul Scully said the changes would help the UK s economic recovery.
Our incredible small businesses will be vital to our recovery from the coronavirus pandemic, supporting millions of livelihoods across the UK, he said, in a media release. ....

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