Big businesses must pay small suppliers more quickly under changes to PPC

20 Jan 2021

Large businesses must now pay their smaller suppliers more quickly under changes to the UK's Prompt Payment Code (PPC).

Big businesses signed up to the PPC must pay small firms with fewer than 50 employees within 30 days instead of the previous 60 days. The Code currently has more than 2,800 signatories.

The Federation of Small Businesses (FSB) recently revealed that almost 50,000 small firms have to close each year because of late payments. According to the FSB, the issue has become more prevalent as a result of the coronavirus (COVID-19) pandemic.

Commenting on the matter, Philip King, Interim Small Business Commissioner, said: 'Late payment causes real hardship to small businesses, and the issue is more prevalent than ever due to the continued impact of the pandemic.

'Code signatories of all sizes demonstrate their commitment to ending the culture of late payment and helping to increase business confidence.'


SEBA award logo Business awards logo Quickbooks logo Receipt Bank logo Xero logo Professional Services Group for Hinkley

Home | Contact us | Credit | Accessibility | Disclaimer | Privacy Policy | Insurance | Help | Site map |

© 2024 Poolbridge Accountancy Ltd. All rights reserved.

Poolbridge Accountancy Ltd, The Forge Enterprise Centre, 3 Church Road, West Huntspill, Somerset TA9 3RN

We use cookies on this website, you can find more information about cookies here.