Following the introduction, in January 2025, of new reporting requirements ECA (Electrical Contractors’ Association) worked with Government to design, large companies are now required to report on both the value and number of invoices paid within 0 to 30 days, 31 to 60 days and more than 60 days to provide even greater transparency for the supply chain around payment performance.
Results for all large firms is likely to be available in May 2026 when the remaining large firms have submitted their first reports.
Following ECA’s ideas and expertise, Government has also laid draft legislation to require companies to include their payment results in their Directors’ reports from 1 January 2026 and is consulting on further measures to improve payment practices as part of its Small Business Plan.
Another tightening of the screw on late payment directly due to ECA’s leadership with Government!
Last updated 21 August 25