Suppliers that sell goods and services to government departments must now comply with stricter payment rules, which came into force on 1 April, or be prevented from winning government contracts worth more than £5m. Under the government’s latest Prompt Payment Guidance policy, all suppliers must now pay their invoices within an average of at least 55 days, in addition to the existing requirement of ensuring 95% of invoices in their supply chain are paid within 60 days.
