On 30th May, as a reaction to the new changes in UK legislation, Payapps.com posted a special blog post entitled ‘Duty to Report – What’s at Stake for Your Construction Payments and What to Do Next’ – bringing to attention news that will affect the largest construction businesses in the UK.
As this report is now a mandatory process for some of the largest construction companies in the UK, we’ve teamed up with the prestigious online construction publication Building.co.uk to sponsor their ‘Complying with Payment practices and reporting’ CPD. Raising awareness to those who may not be entirely familiar with the new rules and regulations, this CPD (Continuing Professional Development) article and questionnaire allows professionals within the industry to brush up on their contemporary legislative knowledge whilst gaining CPD points in the process. Win-win!
The introduction of the ‘Duty to report’ legislation was partly done because of the worryingly high level of late payment in UK business as a whole, with the highest rate of late payment falling to the construction industry at 31%. As our customers know, Payapps.com has an inbuilt email notification system that reminds both the subcontractor and main contractor whether they’re due to submit an application for payment or issue a payment notice, helping to avoid late submissions and payment.
For further details on the ‘Duty to report’ legislation and to earn CPD points, click here to read the Building.co.uk CPD.