Introducing the payment practices reporting website.
Large businesses must publish information about their payment terms and practices, and how they keep to them with mandatory reporting starting to be required from October 2017 (this depends on the financial year dates).
The businesses that are in scope of the requirement are those that, on their last two balance sheet dates, exceeded two or all of the thresholds for qualifying as a medium-sized company under the Companies Act 2006 (section 465 (3)) during a financial year.
These thresholds are:
£36m annual turnover
£18m balance sheet total
Parent companies or LLPs also will need to consider the group threshold requirements.
The new service has tools to help consider if reporting requirements are met and the first reporting date. It also contains a publish a report section
The service can be searched by company name to access the prompt payment reports filed by businesses and highlights when reports have been filed.