The government has published draft regulations to extend and strengthen the Reporting on Payment Practices and Performance Regulations 2017 and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017.
These two sets of Regulations require large UK companies and LLPs to produce a report on their invoice payment practices every six months and submit the report to a government-hosted website for publication.
The government announced at the end of last year that it would be extending and strengthening the scope of the Regulations – see our blog post here for further information on the additional information that will have to be disclosed.
The draft regulations (which are expected to come into force on 5 April 2024) introduce these additional reporting requirements and confirm that the expiry date for the reporting requirement will now be 6 April 2031.
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