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First reports on payment practices in large companies published

Tuesday 14th November, 2017

The Government has published the first payment reports following the new reporting rules that came into force on 6th April 2017.

The reporting rules mean that large companies and limited liability partnerships (LLPs) will have to publicly report twice a year on their payment practices and performance, including the average time taken to pay supplier invoices.

The reports are available on a Government portal along with guidance to help companies prepare.

A large business is a company or limited liability partnership that has at least two of the following:

• £36 million turnover
• £18 million balance sheet total
• 250 employees

Speaking on the BBC’s You and Yours, Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM), says that it’s data that all business should have to hand: “Most businesses will have this data in some form or another and should be monitoring how they are treating their supply chain anyway, because if they are not, then they’re not doing their job.”