Payment Times Reporting - what you need to know
The new Payment Times Reporting Scheme (PTRS) applies from 1 January 2021 and requires certain entities (including but not limited to) companies to publicly report on their payment terms and practices for their small business suppliers. This is achieved primarily through the imposition of a bi-annual reporting requirement whereby effected entities must provide details of their payment terms for small business. This information is then published on a public register which can then be accessed by any interested party.