UK Tightens Payment Practices Reporting Requirements
Effective Date: April 1, 2025
Summary
Large UK businesses face new obligations to report on payment practices with more granular data.
Details
## Background
The UK Government has strengthened the Payment Practices Reporting duty, requiring more detailed disclosure from large businesses.
## New Requirements
- Quarterly reporting (previously bi-annual)
- Breakdown by supplier size
- Include dispute statistics
- Chief executive sign-off required
## Penalties
Non-compliance can result in fines up to £5,000 per director and potential disqualification.
## Implementation
Large businesses (meeting 2 of 3 criteria: £36m turnover, £18m assets, 250 employees) must comply from April 2025.