Billing: Payment Methods
The question
To ask the Secretary of State for Business and Trade, when he plans to bring forward legislative proposals to amend the Reporting on Payment Practices and Performance Regulations 2017 to introduce new metrics on retentions; and whether he plans to bring into force new metrics on the value of invoices paid and disputed invoices from 1 January 2025.
Answered by Gareth Thomas
Legislation is expected to be laid before Parliament in 2024 to amend the Reporting on Payment Practices and Performance Regulations 2017 to require new retention reporting requirements.
Amendments were made to the Payment Practices and Performance Regulations which introduced two new reporting metrics which will cover the value of payments, and the level of invoices not paid because of disputes. Businesses will be required to collect data and report on these new metrics from January 2025 as planned.
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