VAUXHALL FINANCE PLC
Company number: 00275607
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
18 July 2018
Approved by:
Denise Buckley
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 15%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard Payment terms are 45 days and we encourage vendors to agree to these terms where possible.
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
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The business has a robust dispute resolution process in order to attempt to pay all vendors in line with the agreed payment terms. As soon as the invoice is received and a query identified the vendor is notified of the issue and advised of a way in which the query can be resolved. The business keeps a log of all invoices in query to enable to keep track of who is dealing with the issue and how the matter is progressing. The accounts payable team also keep in contact with the vendor to ensure that both parties are always aware of any progress made in order to resolve the issue.
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.
Yes
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