The Payment Times Reporting Scheme commenced on the 1st of January 2021. It requires businesses to submit a report on their payment terms and practices. Reports are due every six months of an income year, within three months of the end of the reporting period.
Therefore, the first reporting period is the 1st of January 2021, the 30th of June 2021, with the first report due by the 30th of September 2021.
Read more about the eligibility criteria and reporting requirements.
One of the critical initiatives behind the scheme is to help the 3.5m smaller businesses get paid faster by the larger firms to distribute cash flow to where it is more needed. So how does this work, and how do you know which of your suppliers are classed as small or large businesses.
For companies that use Quad Accounting, you can now run Payment Times Reporting for individual branches by using the new Branch dropdown. You can then run the reports as normal.
Note: You can still run PTRS for a whole company by leaving the Branch dropdown blank.