BEIS updated guidance on payment practice reporting requirements

The Department for Business, Energy & Industrial Strategy (BEIS) has published updated guidance on the requirement for large UK companies and LLPs to report on their payment practices, policies and performance.

Some of the more interesting changes are:

  • Further guidance on what constitutes a ‘qualifying contract’ in terms of its links to the UK;
  • Details of how a business should report its standard payment period where it has more than one;
  • Further guidance on how to use the Government reporting website; and
  • Some additional ‘frequently asked questions’

The full guidance can be found here.

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