Prompt Payment Code: Difference between revisions
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As an example, signatories to the UK Prompt Payment Code undertake to pay suppliers within a maximum of 60 days (in line with late payment legislation requirements), to work towards adopting 30 days as the norm, and to avoid any practices that adversely affect the supply chain. | As an example, signatories to the UK Prompt Payment Code undertake to pay suppliers within a maximum of 60 days (in line with late payment legislation requirements), to work towards adopting 30 days as the norm, and to avoid any practices that adversely affect the supply chain. | ||
The UK Prompt Payment Code is administered by the | The UK Prompt Payment Code is administered by the Small Business Commissioner's office. | ||
| Line 15: | Line 15: | ||
== See also == | == See also == | ||
*[[Chartered Institute of Credit Management]] | *[[Chartered Institute of Credit Management]] (CICM) | ||
*[[Credit]] | *[[Credit]] | ||
*[[Department for Business and Trade]] | |||
*[[Late Payment Directive]] | |||
* [[Norm]] | * [[Norm]] | ||
*[[Open account]] | *[[Open account]] | ||
*[[Payment practices reporting]] | *[[Payment practices reporting]] | ||
*[[PPC Compliance Board]] | *[[PPC Compliance Board]] | ||
*[[Small Business Commissioner]] | |||
==External link== | ==External link== | ||
*[ | *[https://www.smallbusinesscommissioner.gov.uk/ppc/ Prompt Payment Code - Small Business Commissioner] | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:The_business_context]] | [[Category:The_business_context]] | ||
Latest revision as of 18:30, 4 October 2023
(PPC).
Prompt payment of suppliers is encouraged or required by a number of initiatives.
Examples include the UK’s voluntary Prompt Payment Code and the EU’s mandatory Late Payment Directive 2011/7.
As an example, signatories to the UK Prompt Payment Code undertake to pay suppliers within a maximum of 60 days (in line with late payment legislation requirements), to work towards adopting 30 days as the norm, and to avoid any practices that adversely affect the supply chain.
The UK Prompt Payment Code is administered by the Small Business Commissioner's office.
Similar codes and legislation have been implemented in a number of jurisdictions.
See also
- Chartered Institute of Credit Management (CICM)
- Credit
- Department for Business and Trade
- Late Payment Directive
- Norm
- Open account
- Payment practices reporting
- PPC Compliance Board
- Small Business Commissioner
