{"id":1735,"date":"2017-02-22T12:39:12","date_gmt":"2017-02-22T12:39:12","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=1735"},"modified":"2017-02-22T12:39:18","modified_gmt":"2017-02-22T12:39:18","slug":"large-companies-must-reveal-quickly-pay-suppliers-government-announce","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/large-companies-must-reveal-quickly-pay-suppliers-government-announce\/","title":{"rendered":"Large companies must reveal how quickly they pay suppliers, Government announce"},"content":{"rendered":"<p>From 06 April 2017, all large companies with a turnover of \u00a336 million or more will be forced to publish twice-yearly payment practice reports.<\/p>\n<p>Experts estimate that the \u2018Duty to Report\u2019 legislation, which will force LLPs and companies to detail how quickly they pay suppliers, will indirectly save around 50,000 businesses a year.<\/p>\n<p>The latest guidelines state that businesses must report if they meet two or more of the following thresholds:<\/p>\n<ul>\n<li>\u00a336 million annual turnover<\/li>\n<li>\u00a318 million balance sheet total<\/li>\n<li>250 employees<\/li>\n<\/ul>\n<p>Government papers say that these reports will be published on a web-based service, thus giving smaller firms the option to check out the larger business\u2019 payment \u2018credentials\u2019 before working with them.<\/p>\n<p>It added that failing to report would be a criminal offence.<\/p>\n<p>Mike Cherry, national chairman at the Federation of Small Businesses, said the efforts to help tackle late payments could save around 50,000 business deaths a year.<\/p>\n<p>\u201cIt\u2019s now crucial that these regulations are introduced and robustly enforced with proper sanctions put in place for any large business that tries to hide its payment practices,\u201d he said.<\/p>\n<p><strong>What do companies need to report on?<\/strong><\/p>\n<ul>\n<li>Descriptions of the business\u2019s payment terms<\/li>\n<li>The business\u2019s process for dispute resolution related to payment<\/li>\n<li>Statistics on the average time taken to pay invoices (from the date of receipt of invoice)<\/li>\n<li>The percentage of invoices paid within the reporting period<\/li>\n<li>The proportion of invoices due within the reporting period which were not paid within agreed terms<\/li>\n<li>If the business offers e-invoicing<\/li>\n<li>If the business\u2019s offers supply chain finance<\/li>\n<li>If the business\u2019s practices and policies cover deducting sums from payments as a charge for remaining on a supplier\u2019s list, and whether they have done this in the reporting period<\/li>\n<li>If the business is a member of a payment code, and the name of the code<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>From 06 April 2017, all large companies with a turnover of \u00a336 million or more will be forced to publish twice-yearly payment practice reports. Experts estimate that the \u2018Duty to Report\u2019 legislation, which will force LLPs and companies to detail how quickly they pay suppliers, will indirectly save around 50,000 businesses a year. The latest [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1735"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1735"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1735\/revisions"}],"predecessor-version":[{"id":1736,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1735\/revisions\/1736"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}