In March 2015, following a consultation, the government announced its plan to implement the new requirements for large companies to report on their prompt payment practices and policies. It said that the duty is only to apply to large quoted companies, who will be required to report half yearly on:
- standard payment terms;
- average time taken to pay;
- proportion of invoices paid beyond agreed terms;
- proportion of invoices paid in 30 days or less; between 31 to 60 days; and beyond 60 days;
- amount of late payment interest owed and paid;
- whether financial incentives were required to join or remain on supplier lists;
- dispute resolution processes;
- the availability of e-invoicing; supply chain finance; preferred supplier lists; and
- membership of a Payment Code.
Draft secondary legislation and an ‘indicative’ format for the report accompanied the announcement, but that was March 2015. On 20 January, however, the government said that the regulations will be introduced this year.