Large UK companies will be obliged to reveal payment practices in a bid to increase transparency and help small business suppliers negotiate fairer terms.
New requirements for large UK companies and limited liability partnerships (LLPs) to publish information about their payment practices and performance are due to be introduced in April 2017.
The draft regulations are due to be brought in under section 3 of the Small Business, Enterprise and Employment Act 2015. They aim to increase transparency and public scrutiny of large businesses’ payment practices and give small business suppliers more information about who to trade with, how to negotiate fairer terms, and challenge late payments.
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