DBEIS issues payment reporting guidance
Ahead of measures coming into force in April 2017, the Department for Business Energy and Industrial Strategy (DBEIS) has published guidance on transparency of payment practices. Regulations laid in parliament last week will require large businesses to report twice annually on the time taken to pay their suppliers in order to expose any poor practices. Failure to report will be a criminal offence, so the published guidance will help affected firms prepare for the changes ahead. Government data shows that the UK has 5.5 million small businesses, and they are owed £26.3 billion in overdue payments.
Published on: 08 February 2017 - By: FCSA