MACLAY MURRAY & SPENS LLP
Company number: SO300744
Reporting period:
1 June 2017 to 30 November 2017
Report filed on:
20 December 2017
Approved by:
Jeremy Cohen
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 10%
- in 61 days or more: 8%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 36%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard payment terms are that good and services will only be paid for after delivery, and after any issues or queries have been resolved. Except where different payment terms have been agreed in writing with a supplier, authorized invoices will be paid on the weekly supplier payment run closest to 30 days after the invoice date. Payment of costs which are incurred as part of the services offered to our clients, generally fall outside the remit of our standard payment terms and shall be settle on a "paid when paid" basis in accordance with the SRA Accounts Rules and will be paid within 48 working hours of our invoice being settled.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Any payment disputes shall in the first instance be referred to the member of staff managing the contract. If the parties are unable to reach a resolution, it may be referred to the relevant head and, where necessary, the firm's Head of Finance.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No