New Fair Payment Code announced for small businesses

The government has today (19 September) unveiled new measures to support small businesses and the self-employed by tackling late payments.

The government will consult on tough new laws which will hold larger firms to account and new legislation will be brought in the coming weeks that will require all large businesses to include payment reporting in their annual reports.

The consultation, which will be launched in the coming months, will also consider a range of further policy measures that could help address poor payment practices.

A new Fair Payment Code has also been announced today replacing the old Prompt Payment Code, which will be open to signatories this autumn. Businesses will need to prove they have met good payment standards before being awarded official code status.