Download the full outcome
Detail of outcome
These documents set out the government response to the consultation responses received. They explain:
- which businesses will be in scope of the duty
- the ‘metrics’ against which businesses will need to report
- how and when businesses will need to report
- the sanctions for not reporting
The government response also includes revised draft regulations.
Detail of feedback received
We received 59 responses to the consultation. These mainly came from:
- business representative bodies
- trade organisations
- professional bodies
We also had responses from large businesses in the retail and construction industries. A full list of respondents is available in Annex 1 of the summary of responses.
On 20 March 2015 we published plans for implementing the new report requirement.
We want to know if we should ask companies to report on a series of measurements that will tell us about their payment performance. We propose to include the:
- proportion of invoices that are paid beyond the payment terms
- proportion of invoices paid within 30 days
- proportion of invoices paid over 30, 60 and 120 days
- the average time taken to pay invoices
We also want your views on whether companies should also provide a statement that would help the supplier understand the company’s payment practices and performance.
These proposals would allow suppliers to compare different customers against a standardised time frame of payment. The reporting procedure would be easy for companies to understand and straightforward to complete. It would also provide useful data for suppliers to use.