BEIS launches consultation on proposed extensions to the Payment Practices and Performance Regulations reporting framework
21 Feb, 2023
The Department for Business, Energy and Industrial Strategy (BEIS) has launched a consultation proposing extending the Payment Practices and Performance Regulations reporting framework that affects large UK companies and LLPs after the current statutory expiry date of 6 April 2024.
A key proposal involves whether the existing reporting which is currently submitted should be required to be disclosed in full in a company’s Directors’ Report within the Annual Report & Accounts. For a group, this would involve incorporating the reporting from each subsidiary that is required to submit a Payment Practices and Performance Report via the Government’s online portal. The intention would be to add greater transparency and reaffirm awareness of the importance of the reporting requirement at board level and among shareholders.
Other proposed amendments to the existing reporting requirements include clarificatory and transparency measures regarding supply chain finance, disputed invoices, standard retention payment terms and statistical information on retention payments.
Comments on the consultation are requested by 28 April 2023.
A press release and the consultation are available on the UK Government’s website.
