2 September 2017
Government Publishes Duty to Report Guidance
The Government has published guidance on the forthcoming Duty to Report on Payment Practices and Performance, which will require large businesses to report their payment practices on a six-monthly basis.
The guidance provides further clarification on the reporting requirements for businesses who are in scope to comply with the legislation, following publication of the draft regulations and metrics at the end of last year.
Build UK has been working closely with the Department for Business, Energy and Industrial Strategy (BEIS) to address a number of sector specific issues concerning the Duty to Report in order to ensure that it delivers full transparency over payment practices within construction.
The BEIS Prompt Payment team attended Build UK’s Payment Group to discuss the issues and reviewed its guidance as a result of the feedback received. The guidance now offers the flexibility to use industry recognised terms and Build UK will be consulting members to agree further steps on the remaining issues before publishing sector specific guidance.
By bringing the construction supply chain together and presenting a single voice for the industry, Build UK has been able to use its significant weight to influence government thinking and ensure the legislation will provide maximum transparency for the construction supply chain.
With the legislation coming into effect from April 2017 members have agreed for Build UK to benchmark their payment performance, with the first results due for publication later this year, which will provide clear information for their supply chains.
For more information on what is required under the Duty to Report, see Build UK Newsline.