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New regulations have been released this week stating that from April 2017, all large companies will have to publicly report their payment performance and payment practices twice a year. They will also need to include information on the average time taken to pay supplier invoices. Failure to report will be a criminal offence.
The new laws will apply to all firms with a turnover above £36m or employing more than 250 people. Late payments hamper the ability of small and medium-sized businesses to grow. It is estimated that around 50,000 business deaths could be avoided every year if payments were made promptly, adding £2.5billion to the UK economy. 