Prompt Payment Code boosted to help SMEs - Revision history

Editor at 12:16, 9 December 2021

2021-12-09T12:16:39Z

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−	This article originally appeared on the ECA website. It was published on 8 December 2021.	+	This article originally appeared on the [https://www.eca.co.uk/news-and-events/news/2021/dec/prompt-payment-code-boosted-to-help-smes ECA website]. It was published on 8 December 2021.

	--[[User:ECA\|ECA]]		--[[User:ECA\|ECA]]

Editor at 12:10, 9 December 2021

2021-12-09T12:10:19Z

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	In July 2021, the Code was strengthened to include a requirement to pay 95% of invoices within 60 days, report annually on payment performance, promote the Code website and more.		In July 2021, the Code was strengthened to include a requirement to pay 95% of invoices within 60 days, report annually on payment performance, promote the Code website and more.
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		+	This article originally appeared on the ECA website. It was published on 8 December 2021.
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		+	--[[User:ECA\|ECA]]

	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =

Editor at 12:08, 9 December 2021

2021-12-09T12:08:59Z

← Older revision		Revision as of 12:08, 9 December 2021
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−	[[File:PaymentClock.jpg]]	+	[[File:PaymentClock.jpg\|link=File:PaymentClock.jpg]]

	The Prompt Payment Code has confirmed that compliance with the new requirement to pay 95% of invoices from businesses with fewer than 50 employees within 30 days is being enforced from a signatory’s next full reporting period.		The Prompt Payment Code has confirmed that compliance with the new requirement to pay 95% of invoices from businesses with fewer than 50 employees within 30 days is being enforced from a signatory’s next full reporting period.
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	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =
		+
		+	* Cash flow.
		+	* ECA articles.
		+	* Prompt payment.
		+	* Prompt payment code.
		+	* Prompt Payment Code: the story behind the headlines
		+	* Small and medium-sized enterprises SME.
		+	* The causes of late payment in construction,

	= External resources =		= External resources =
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	* ECA Today, [https://www.ecatoday.co.uk/blog/1546/The-story-behind-the-headlines-the-Prompt-Payment The story behind the headlines: the Prompt Payment Code] by Rob Driscoll.		* ECA Today, [https://www.ecatoday.co.uk/blog/1546/The-story-behind-the-headlines-the-Prompt-Payment The story behind the headlines: the Prompt Payment Code] by Rob Driscoll.
	* Small Business Commissioner, [https://www.smallbusinesscommissioner.gov.uk/code-reforms/ Code Reforms].		* Small Business Commissioner, [https://www.smallbusinesscommissioner.gov.uk/code-reforms/ Code Reforms].
		+
		+	[[Category:DCN_Guidance]] [[Category:DCN_News]] [[Category:News]] [[Category:Contracts_/_payment]]

Editor: Created page with "File:PaymentClock.jpg The Prompt Payment Code has confirmed that compliance with the new requirement to pay 95% of invoices from businesses with fewer than 50 employees with..."

2021-12-09T11:56:19Z

Created page with "File:PaymentClock.jpg The Prompt Payment Code has confirmed that compliance with the new requirement to pay 95% of invoices from businesses with fewer than 50 employees with..."

New page

[[File:PaymentClock.jpg]]

The Prompt Payment Code has confirmed that compliance with the new requirement to pay 95% of invoices from businesses with fewer than 50 employees within 30 days is being enforced from a signatory’s next full reporting period.

“It’s hoped the changes will help the Code to grow further, attract new and significant signatories, and give small businesses real confidence to expect prompt payment from their customers,” said Rob Driscoll, ECA’s Director of Legal and business.

For companies with a financial year ending 31 December 2021, this will be January 2022. The Code is encouraging signatories that are required to report under the Duty to Report regulations to include the information as part of their biannual report using the narrative box within the Payment Terms section.

In July 2021, the Code was strengthened to include a requirement to pay 95% of invoices within 60 days, report annually on payment performance, promote the Code website and more.

= Related articles on Designing Buildings =

= External resources =

* ECA Today, [https://www.ecatoday.co.uk/blog/1546/The-story-behind-the-headlines-the-Prompt-Payment The story behind the headlines: the Prompt Payment Code] by Rob Driscoll.
* Small Business Commissioner, [https://www.smallbusinesscommissioner.gov.uk/code-reforms/ Code Reforms].