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.'

What our clients say


Home | Contact us | Site map | Accessibility | Disclaimer | Help | © 2021 Reddy Siddiqui LLP. All rights reserved.

Reddy Siddiqui LLP, 183-189 The Vale, Acton, London W3 7RW

Reddy Siddiqui is the trading name of Reddy Siddiqui LLP, a limited liability partnership. This firm is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered office is 183-189 The Vale, London W3 7RW. Registered in England and Wales No. OC417809

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