Awards based on Duty to Report on Payment Practices Data
Good Payment Practices are Better for Business
As part of the Government’s continuing efforts to improve payment practices, legislation was introduced in April 2017 that requires the UK’s largest companies and Limited Liability Partnerships (LLPs) to report twice a year on payment metrics, including the average time taken to pay supplier invoices.
Businesses are in scope of the requirement for a financial year if, on their last two balance sheet dates, they exceeded two or all of the thresholds for qualifying as a medium-sized company under the Companies Act 2006 (section 465(3)). The thresholds relate to turnover, balance sheet total and average number of employees.
We believe, that businesses who have great payment practices or are working towards paying more supplier faster should be recognised and rewarded.