In January the UK government published an Act called “Duty to Report on Payment Practices and Performance” which came into law on 4th April combined with a strengthening of the code of practice called the Prompt Payment Code, and first reports need to be filed by end of September.
In this WEBchat Brian Shanahan, CEO and Founder of Informita discusses:
- Corporates current understanding of the regulations and their impact, plus how to manage changes
- Who the new legislation applies to and what to report and how
- Flaws in the new legislation and how will impact corporates
- Volume not value reporting problem
- Invoice receipt data requirement
- Supply chain finance impact on reporting.
And finishes with discussion of the impact of Brexit.
- Key timing points
- 0:22 Understanding what is going on and the lack of knowledge
- 1:14 When potentiallly commit a criminal offense
- 2:12 Who applies to
- 2:56 What need to report and where submitted
- 4:28 When first reports required
- 5:01 Flaws in current leqislation
- 5:18 Key dangers and problems for reporting corporates
- 10:10 The audit firm opportunity
CTMfile take: The UK Payables Reporting Regulations will be a huge additional burden for corporates in UK and for MNCs operating in the UK. Listen to this WEBchat to understand the implications and some of the problems you need to solve before September this year.
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