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UK Payment Practice Reports
Analyse official Government Payment performance data on the largest business trading the UK.Late Payment Legislation
UK Government Takes Action to Tackle Late Payment Culture
In April 2017 new Legislation was introduced by the UK Government to clamp down on late invoice payments causing widespread damage to Small and Medium Sized Companies operating in the United Kingdom.Payment Performance Reporting
Statutory Obligations for Large Companies under UK Payment Reporting Regulations
The largest companies currently trading in the UK which have an annual turnover of £36 million, over £18 million balance sheet total and 250 employees have a statutory obligation to report their invoice payment performance every 6 months and is published via Department for Business, Energy and Industrial Strategy.The report must be published on the web-based service provided by Government within 30 days of the end of the reporting period and must contain information required by the Regulations and be approved by a named company director or a designated member.For each reporting period businesses are required to report on the following in relation to qualifying contracts.
Invoicing
Statistics
Narrative
Descriptions
Tickbox
Statements
Invoicing Statistics
Key Metrics Tracked by UK Payment Practice Reports
The average number of days taken to make payments in the reporting period, measured from the date of receipt of invoice or other notice to the date the cash is received by the supplier
The percentage of payments made within the reporting period which were paid in 30 days or fewer, between 31 and 60 days, and in 61 days or longer
the percentage of payments due within the reporting period which were not paid within the agreed payment period
Narrative Descriptions
The Business’ Standard Payment Terms, Which Must Include:
The standard contractual length of time for payment of invoices
Maximum contractual payment period and any changes to the standard payment terms in the reporting period
How suppliers have been notified or consulted on these changes
The business’ process for resolving disputes related to payment
Tickbox Statements
Additional Insights Revealed by UK Payment Practice Reports
Whether suppliers are offered e-invoicing
Whether supply chain finance is available to suppliers
Whether the business’ practices and policies cover deducting sums from payments as a charge for remaining on a supplier’s list, and whether they have done this in the reporting period
Whether the business is a member of a payment code, and the name of the code
Criminal Offence
Legal Requirements for Business Reports and Statements
It is a criminal offence by the business, and every director of the company or designated member of an LLP, if the business fails to publish a report containing the necessary information within the specified filing period of 30 days. Anyone who publishes a report or makes a related statement which is misleading, false or deceptive commits a criminal offence if they knew, or were reckless, about it being false or misleading at the time it was made. This applies to businesses and individuals.
Payment Culture
Invoice Payment Performance Analytics for Better Business Insights
Our Invoice Claims Payment Performance Analytics provides clarity by organising all the published data into a clear and concise table for users to easily digest, analyse and compare company invoice performance metrics so they can understand the payment culture of their suppliers and customers better.The data gives a clear overview of days taken to pay invoices up to and above 90 days whilst comparing each Company's score rating against the industry average so you can see which organisation is above and below the standard. It also measures how flexible each Company is in dealing with due invoices i.e. whether there is invoice finance available or the ability to pay via e-invoicing. Reports are also available which can be downloaded to provide a more in depth overview of the businesses statistics.
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We help businesses retrieve late fees arising from overdue and unpaid B2B invoices and implement effective credit control measures to get you paid on time.
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