BEIS publishes payment practices and performance guidance
03 Feb, 2017
The Department for Business, Energy and Industrial Strategy (BEIS) has published guidance for companies and Limited Liability Partnerships (LLPs) who must comply with the statutory reporting duty for payment practices and performance.
Regulations made under section 3 of the Small Business, Enterprise and Employment Act 2015 (and, for limited liability partnerships (LLPs), the Limited Liability Partnerships Act 2000), introduce a duty on the UK’s largest companies and LLPs to report on a half-yearly basis on their payment practices, policies and performance for financial years beginning on or after 6 April 2017.
The information must be published through an online service provided by the government, and will be available to the public.
The guidance covers:
- who needs to report including the size criteria for reporting;
- what needs to be reported;
- where the information needs to be reported; and
- when the information needs to be reported and for what periods.
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