From April 2017, large businesses and limited liability partnerships (LLPs) will have to publish details twice-yearly on the average time taken to pay supplier invoices.
As part of business enterprise and corporate governance, government has set out measures to increase transparency of payment practices to support small firms. This will highlight bad practice and lead to improved standards.
Government has published guidance on how to comply with the duty to report, aiding large businesses to prepare for the new reporting requirements. In addition, the appointment of a Small Business Commissioner will support small businesses in resolving payment disputes.
Further details on the late payment policy have been released in a government response to a consultation on the Duty to Report on Payment Practices and Performance here.