{"id":2520,"date":"2022-03-17T04:00:00","date_gmt":"2022-03-17T04:00:00","guid":{"rendered":"im-23372"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T00:00:00","slug":"check-large-suppliers-payment-status","status":"publish","type":"post","link":"https:\/\/ep-accountants.co.uk\/check-large-suppliers-payment-status\/","title":{"rendered":"Check large suppliers payment status"},"content":{"rendered":"
The government has been working for a number of years to combat the problem of large businesses abusing their position by making late payments to small businesses. There is a legal requirement (introduced in April 2017) for large businesses to report publicly on their payment practices.<\/p>\n
A large business is defined as a company or limited liability partnership that has at least two of the following:<\/p>\n
Large businesses within the scope of the rules must prepare and publish information about their payment practices and performance in relation to qualifying contracts. There are normally two reporting periods within the business’ financial year. The report must be submitted within 30 days of the end of the reporting period. It is a criminal offence by the business, and every director of the company or designated member of an LLP, if the business fails to publish a report containing the necessary information within the specified filing period of 30 days.<\/p>\n
For each reporting period, businesses are required to report on the following in relation to qualifying contracts the statistics on:<\/p>\n