The latest results published under the Reporting on Payment Practices and Performance Regulations show that Build UK members have maintained their payment performance over the last six months. For the first time, BuildUK claim all tier one Contractor members are paying invoices within an average of 45 days, which will be the requirement for new Government contracts over £5 million from April 2025. On average, Build UK Contractor members now pay 96% of invoices in 60 days and none of them average less than 90%. Remember this relates to the volume of invoices paid.
FIS CEO Iain McIlwee said: “Whilst the headline is positive, we can’t let it distract us from the fact that our members are still finding getting paid a daily battle. I suspect when we start seeing the value and not the volume paid and disputed invoices in the reports we will start to see some different patterns. One thing we need to be doing is making sure as the new requirements come in that we compare them to what is happening on the ground to ensure that people are reporting accurately and fairly and not bending the rules.”
With new reporting requirements on the value of invoices paid and disputed invoices coming into force from 1 January 2025.
If you need help getting paid, visit the FIS Contractual Toolkit.