KPMG UNITED KINGDOM PLC
Company number: 03513178
1 October 2018
to 31 March 2019
This report was filed on 29 April 2019
and approved by Paul Long
Average time taken to pay invoices: 22 days
- within 30 days: 85%
- in 31 to 60 days: 15%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 30 %
Standard payment period for qualifying contracts
Standard payment terms
KPMG UK plc is a trading entity for KPMG in the UK.
To demonstrate the ongoing commitment to fair and prompt payment, KPMG have made a change to standard payment terms, so that payment of third party invoices for goods and services will now be made within 30 days of receipt of a correct, undisputed and properly due VAT invoice. This is a reduction from the previous 60 day timescale and will apply unless otherwise agreed in writing by a duly authorised representative.
As has always been our procedure, and in line with KPMG’s corporate values, where the supplier is deemed to be a Small or Medium sized Entity (SME) the Standard payment terms remain at 30 days from receipt of a correct, undisputed and properly due VAT invoice.
KPMG UK plc will also settle money owed to other international KPMG member firms through ‘inter office payments’. The Standard payment terms in respect of other KPMG member firms is 45 days from receipt of a correct, undisputed and properly due VAT invoice, again unless otherwise agreed in writing by a duly authorised representative. The figures quoted above exclude 'inter office payments'.
Were there any changes to the standard payment terms in the reporting period?
Yes – 60 day timescale reduced to 30
Were suppliers notified or consulted about these changes before they were made?
Suppliers are being contacted by letter.
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
KPMG’s core values include being committed to our communities and acting with integrity. We therefore endeavour to resolve all disputes in a fair and timely manner. Disputes are resolved by discussion and agreement with a supplier and are typically managed by the dedicated accounts payable team.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes – prompt payment code
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?