New guidance: New guidance to help large businesses deal with new requirement to publish how quickly they pay suppliers
Small businesses will welcome new regulations requiring large companies and LLPs to report publicly twice a year on their payment practices and performance, including average times taken to pay supplier invoices, effective from April 2017.
This update was published in Legal Alert - April 2017
Legal Alert is a monthly checklist from Atom Content Marketing highlighting new and pending laws, regulations, codes of practice and rulings that could have an impact on your business.
The new regulations are intended to improve transparency and help small businesses make informed decisions about which large companies they do business with. Failure to report will be a criminal offence. The latest government figures show that SMEs are owed £26.3 billion in overdue payments.
The Government has also published new guidance, Duty to Report on Payment Practices and Performance: Guidance to Reporting on Payment Practices and Performance, on the new regulations. This sets out, among other things, what companies are required to report under the regulations.
- 6 April 2017
- Large companies and LLPs should ensure they publically report twice a year on their payment practices and performance
- Large companies and SMEs should both download the new guidance from the gov.uk website
Disclaimer: This article from Atom Content Marketing is for general guidance only, for businesses in the United Kingdom governed by the laws of England. Atom Content Marketing, expert contributors and ICAEW (as distributor) disclaim all liability for any errors or omissions.