Work out your periods and deadlines
Rules: regulations 2, 4 and 7 of the Reporting on Payment Practices and Performance Regulations 2017 (SI 2017/395); SI 2025/1152 for the directors' report. Check your accounting reference date on Companies House. Information, not legal advice.
Then work out the figures
The free invoice calculator turns an accounts payable export into the headline figures: average days to pay and the share of invoices paid within 30 days, in 31 to 60 days and after 60 days.
Questions
When is the payment practices report due?
Within the filing period: 30 days beginning with the day after the last day of the reporting period (SI 2017/395, regulation 2). For a period ending on 30 June, that is by 30 July.
How many reporting periods are there?
Normally two per financial year: the six months beginning with the first day of the year, then the remainder. A shortened financial year of 9 months or less is one reporting period; an extended year of more than 15 months has three (regulation 7).
Who has to report?
Large companies and LLPs that are qualifying companies under regulation 5 of SI 2017/395 (and SI 2017/425 for LLPs). Companies are not qualifying in their first financial year. GOV.UK guidance explains the size tests.
Who approves the report?
A director of the company must approve the information before it is published (regulation 4). For LLPs, a designated member.