The Government published updated guidance on the requirement for large UK companies and LLPs to report on their payment practices, policies and performance in September 2019.
Entities within the scope of the payment practices reporting requirements must produce a report every six months on their payment practices and submit the report to a Government-hosted website for publication.
Key changes to the guidance:
- Qualifying contracts – Reporting requirements apply to "qualifying contracts" that must have a "significant connection" to the UK. The commentary on what constitutes a sufficient link to the UK has been reworked.
- Standard payment period – The report must include a range of detailed information, including narrative information on the entity's standard business terms such as its standard payment period.
- Government reporting website – The guidance includes additional commentary on how to use the Government reporting website including how to correct an inaccurate report.
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