New UK Payment Reporting Obligations - Get Up to Speed

Introduction

This short webinar will discuss the new UK reporting obligations in relation to payment practices starting on 1 January 2025, under The Reporting on Payment Practices and Performance (Amendment) Regulations 2024.

Given the significant administrative and financial burdens late payments impose, particularly on SMEs, this is not a new policy area for the UK Government.

These regulations seek to extend and widen the existing reporting obligations under the exiting 2017 regulations of the same name in both scope and duration to enhance transparency and compliance.

The webinar will explore what these regulations are, including whom they apply to - what is a 'qualifying company', and what they apply to - what is a 'qualifying contract'.

It will also offer a refresher on the existing 2017 regulations, i.e., the Payment Practices and Performance Regulations 2017, outlining the existing reporting requirements in respect of average payment times and payment practices for qualifying companies, and what form such reports should take.

The webinar will look at the new reporting requirements under the 2024 regulations and how they impact the existing requirements.

The importance of these regulations, including the sanctions for non-compliance, their future, and next steps for business are also considered.

What You Will Learn

This short webinar will cover the following:

• What is the purpose, applicability, and scope of the regulations?
• What is a qualifying company?
• What is a qualifying contract?
• What are the existing reporting requirements?
• What are the new reporting obligations and their impact?
• The new ability to add context to a report explaining, particularly in the context of disputed payments
• The introduction of a new definition and role of 'finance provider' and the impact that finance, such as supply chain finance or factoring, has on measuring payment timings
• Compliance and sanctions for non-compliance

This webinar was recorded on 11th November 2024

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