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Provision for Late Payment Reporting regulations

The government have recently confirmed that from 6 April 2017 large companies and limited liability partnerships will have to publish their payment practices, policies and performance on a half-yearly basis for financial years beginning on or after this date if they meet two or more of the following criteria:

  • £36m+ Turnover
  • £18m+ Balance Sheet
  • 250+ Employee

It is expected that an online submission page will be available on the HMRC website before this date.

To assist users with this requirement, there will be a new release Opera 3 (2.40.11) and Opera II (7.60.11).

In these releases, a new field has been added to the Purchase Transaction file that records the date of when the balance of an outstanding invoice was allocated in full. This field is also available in the Reporter application. Customers who are affected by these changes will need to upgrade to these releases.

The new field will also be available in XRL (1.64.00) which will be available in April 2017. Find out more about Late Payment Reporting call our support team on 01246 861100 or email support@sbk.co.uk