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Briefings

Member Briefing: BIS Consultation

Date: 12/12/14

BIS Consultation: Duty to Report on Payment Practices and Policies

Dear HBF member

The department for Business Innovation & Skills (“BIS”) have recently issued a consultation on a Duty to Report on Payment Practices and Policies (click here to view).

The proposals in the consultation would apply to all quoted companies as well as large companies. The definition of a large company would follow the Companies Act which defines a small or medium company as one which satisfies two or more of the following:-

  1. Turnover is no more than £25.9m
  2. Balance Sheet total is not more than £12.9m
  3. Number of employees is less than 250

BIS are seeking replies by 2nd February 2015. However, if you would like the HBF to reply on your behalf, can you send your comments to Michael.powell@hbf.co.uk by Wednesday 28th January

Regards

Michael Powel, Finance Director