Prompt Payment Code boosted to help SMEs
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.
This article originally appeared on the ECA website. It was published on 8 December 2021.
--ECA
[edit] 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,
[edit] External resources
- ECA Today, The story behind the headlines: the Prompt Payment Code by Rob Driscoll.
- Small Business Commissioner, Code Reforms.
Featured articles and news
Professional practical experience for Architects in training
The long process to transform the nature of education and professional practical experience in the Architecture profession following recent reports.
A people-first approach to retrofit
Moving away from the destructive paradigm of fabric-first.
International Electrician Day, 10 June 2025
Celebrating the role of electrical engineers from André-Marie Amperè, today and for the future.
New guide for clients launched at Houses of Parliament
'There has never been a more important time for clients to step up and ...ask the right questions'
The impact of recycled slate tiles
Innovation across the decades.
EPC changes for existing buildings
Changes and their context as the new RdSAP methodology comes into use from 15 June.
Skills England publishes Sector skills needs assessments
Priority areas relating to the built environment highlighted and described in brief.
BSRIA HVAC Market Watch - May 2025 Edition
Heat Pump Market Outlook: Policy, Performance & Refrigerant Trends for 2025–2028.
Committing to EDI in construction with CIOB
Built Environment professional bodies deepen commitment to EDI with two new signatories: CIAT and CICES.
Government Grenfell progress report at a glance
Line by line recomendation overview, with links to more details.
An engaging and lively review of his professional life.
Sustainable heating for listed buildings
A problem that needs to be approached intelligently.
50th Golden anniversary ECA Edmundson apprentice award
Deadline for entries has been extended to Friday 27 June, so don't miss out!
CIAT at the London Festival of Architecture
Designing for Everyone: Breaking Barriers in Inclusive Architecture.
Mixed reactions to apprenticeship and skills reform 2025
A 'welcome shift' for some and a 'backwards step' for others.