late payment

SNIPEF welcomes report on cash retentions and recommendations

SNIPEF, the Scotland and Northern Ireland Plumbing Employers’ Federation, has applauded the work undertaken by the Short Life Working Group (SLWG) in its investigation into cash retention in construction contracts and the practical recommendations it has made to the Scottish Government with a view to ending the iniquities of the system. Cash retentions are deducted from due […]

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BESA calls on firms to ‘play fair’ on payment

It is more important than ever that companies treat their supply chain partners fairly, especially when it comes to payment, according to the Building Engineering Services Association (BESA). The government’s reformed Prompt Payment Code (PPC) came into force on 1 July, and this should remind all contractors of their obligations to pay suppliers fully and […]

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Plumbers face more delayed payments than any other trade

UK tradespeople are seeing over £1,000 of payments per year withheld by customers following a completed job, with plumbers facing more delayed payments than any other trade. The research, conducted by IronmongeryDirect, found that an average £1,062 is owed to tradies across the UK. A third (33%) said they were waiting for over £1,000 from customers for completed jobs, whilst nearly one in […]

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ECA urges government to ramp up measures agains late payers

The ECA has called on the Government to further ramp up measures against late payers in the private sector supply chain. In its response to a Government consultation on proposed changes to the Prompt Payment Code, ECA stated that Code signatories should commit to pay 95% of invoices from smaller businesses within 30 days. Furthermore, […]

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67% of traders say Christmas period is the worst time for delayed or late payments

Late payments or non-payment are a hinderance to SMEs and sole traders throughout the UK with four in ten applying for loans or other finance, citing cash flow as the reason for applying – according to new research carried out by SmartTrade App. 53% of sole-traders have faced cash flow problems in the last 3 months, with […]

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