UHY Hacker Young | Chartered Accountants

Payment practices and performance reporting: what are your obligations?

26 October 2017

New regulations combating late payment practices have been introduced by the Small Business, Enterprise and Employment Act 2015. They impose a duty on large UK companies and LLPs to report on their payment practices, policies and performance in relation to qualifying contracts on a half yearly basis.

The regulations became effective from 6 April 2017, and affect businesses who exceed two of the following conditions on their last two balance sheet dates:

  • £36 million annual turnover
  • £18 million balance sheet total
  • 250 employees

Companies with financial years beginning on or after 6 April 2017 need to report from October 2017.

Non-compliance is a criminal offence and every director or designated member of a LLP could be fined if the company fails to file the relevant information within the specified time period.

Contact us to find out if your business is required to report.


Payment practices reporting