Category: UK


Cliff Kirker will be speaking on Capital Acquisitions Tax at the CPD Conference of the Association of International Accountants in the Camden Court Hotel on 6th December 2016.  Further details at AIA CPD Conference.

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This is a new code that addresses the late payment culture in the UK. It is a government initiative that is trying to encourage bills to be paid within 30 or 60 days of invoice. A new website www.promptpaymentcode.org.uk went live in March 2015 and encourages companies to sign up to the code. Large company signatories are being asked to start half-yearly reporting from the summer 2015 on their payment performance information and all companies will be required to report from April 2016.

Will it make a difference? A recent survey conducted by the Federation of Small Businesses (in the UK) found that only one in five (21%) of members are confident that the code will be enough to address the UK’s poor payment culture. The top five reported reasons why their customers are paid late were:

(1) No excuse or justification was given;
(2) Internal invoice processing issues caused a delay;
(3) The customer extended the payment terms without consent;
(4) Invoice was lost or misplaced: and
(5) Invoice was never received.

Any ideas here for Ireland???