GOV.UK
TIP TRAILER SERVICES UK LIMITED
Company number: 08570225
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 6 March 2020
and approved by Mike Furnival
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 45%
- in 61 days or more: 20%
Invoices due but not paid within agreed terms: 52 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
120 days
Standard payment terms
TIP does not propose one standard payment term but our most common agreed payment term is 30 days from date of invoice. We agree payment terms on a case by case basis dependent on the size of the supplier’s business, the service/goods they supply, and the level of spend. This is a mutual arrangement. TIP’s payment terms are always based on number of days after invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
The maximum payment period TIP has with any supplier is 120 days negotiated and agreed with 2 suppliers.
Any other information about payment terms
TIP will not change supplier payment terms without first contacting the supplier and getting a written agreement to make those changes.
Dispute resolution process
TIP is proactive in contacting suppliers with reasons why submitted invoices cannot be processed. TIP operates a purchase order system and all suppliers are required to obtain a purchase order prior to invoice. In the event of there being a query relating to a purchase order such as the amount, the supplier is encouraged to contact the relevant branch or Head Office function that issued the purchase order in order to resolve the dispute.
TIP UK has a central Accounts Payable function who are always on hand to help suppliers with queries by pointing them to the relevant branch or department and explaining reasons for queried invoices. The department has a central telephone number 0161 868 2776 and a dedicated mailbox accountspayable@tipeurope.com. This team will always be able to help advise timescales for payment and query resolution.
The TIP AP department clearly communicates the work authorisation process requirement and invoicing requirements to all suppliers.
Each payment dispute is individually considered on its own merits
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.No
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