Today, the Payment Times Reporting Regulator released the Regulator’s Update – January 2024.
The Regulator publishes an update in January and July each year; it’s one of the main communications channels with information on developments in the Payment Times Reporting Scheme, insights into the payment practices of reporting entities and other key messages on Regulator activities.
Some highlights from the January edition:
- The average payment term to small businesses is now 35.4 days, a 5 per cent reduction since the start of the scheme in January 2021.
- 67.2 per cent of invoices are reported as being paid within 30 days, a 3 per cent increase over the same period.
- Almost 50,000 reports have been given since the scheme commenced.
- The Regulator is taking steps to support the Government’s commitment to ensure small business are paid on time - supporting an overhaul of the scheme and new research and outreach initiatives.
- The Regulator’s next stakeholder liaison forum is set for the end of February.
Payment Times Reports Register release 31 January 2024
The Regulator’s Update coincides with another release of reports to the Payment Times Reports Register (the register).
There are now almost 50,000 reports on the register, from more than 11,000 registered reporting entities. The updated register file and interactive register dashboard are available on the Payment Times Reports Register website.
Save the date: Regulator’s liaison forum on 28 February
The Payment Times Reporting Scheme Liaison Forum is an opportunity to provide feedback and ask questions directly with the Regulator’s leadership team.
Previous attended will receive a meeting invitation in the coming weeks. Others interested in receiving an invitation ahead of the forum, please send an email to email@example.com
Read the Regulator’s Update | January 2024 for insights from latest payment times report data and details on steps the Regulator is taking to improve payment times performance.