Payment Practices and the Prompt Payment Code FAQ

Frequently Asked Questions

Late payments are one of the key reasons businesses fail. At TISCreport we want to give buyers the ability to both show and assess good practice in making payments to suppliers. Find out more about what we're doing below..

 

What are the Payments Practice and Performance Reporting Regulations?

The Payments Practice and Performance Reporting Regulations were brought in under Section 3 of the Small Business, Enterprise and Employment Act 2015 (and, for limited liability partnerships (LLPs), Section 15 of the Limited Liability Partnerships Act 2000) making it a legal obligation for large companies to report on their payment practices with suppliers. The reporting obligation is on a half-yearly basis.

The payment practices government guide outlines the scope being companies that satisfy two out of the following criteria:

  • £36 million annual turnover
  • £18 million balance sheet total
  • 250 employees

The list of companies in scope has not, to date, been published by UK Government. However on TISCreport we have identified all those who can be determined via access to available open data.