Small Business Minister and the Small Business Commissioner, Prompt Payment Reforms announced today.
The most important and significant change will be an additional requirement to pay 95% of invoices from businesses with fewer than 50 employees within 30 days. There will be no change to the previous requirement to pay 95% of all invoices within 60 days. This strengthening of the Code will support the smallest businesses to get paid swiftly and show the commitment of signatories to help maintain the cashflow of their smallest suppliers.
North East Initiative on Business Ethics (‘NIBE’) has pointed out since it’s campaign of ‘Pay Fair’ the need to pay on time. This is particularly important in todays pandemic where cash flow is crucial to all businesses.
For more information go to the LINK
Kevan Carrick – Chair, North East Initiative on Business Ethics