BANK OF SCOTLAND PLC
Company number: SC327000
1 January 2020
to 30 June 2020
This report was filed on 29 July 2020
and approved by William Chalmers
Average time taken to pay invoices: 31 days
- within 30 days: 69%
- in 31 to 60 days: 22%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 24 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Standard payment terms are 30 days after receipt of a correct, undisputed, timely provided and properly due VAT invoice.
In some circumstances, Bank of Scotland Plc agrees appropriate terms of payment with suppliers for each transaction or series of transactions, and abides by those terms based on the timely submission of valid invoices.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
No differentiation, contractual period agreed per supplier
Any other information about payment terms
Invoice Receipt Date
We are currently only able to record the date of receipt of invoices for circa 7% of reportable invoices in this report. Where the date we receive an invoice is not available, we have reported on the date of the invoice itself, as we consider this the most justifiable alternative.
Unknown payment terms
For certain suppliers, our systems do not currently capture details of the payment terms in place under qualifying contracts with those suppliers. Therefore, for the purposes of reporting on our payment statistics for those qualifying contracts, we have assumed that all payments under those contracts are due within 30 days of the date of receipt of the invoice, which reflects our most commonly used contractual payment terms.
Discrepancy between contracting entity and paying entity
Our payment statistics include some payments made by Bank of Scotland Plc where, although we are not the contracting entity for the relevant qualifying contract, the services have been received and paid for by Bank of Scotland Plc.
Dispute resolution process
Suppliers can raise queries with their appointed managers in the first instance. They can also contact the dedicated accounts payable team (LloydsInvoiceEnquiries@Lloydsbanking.com). Such contacts would generally seek to deal with any disputes promptly (involving other senior contacts, as needed), in accordance with the terms of the contract.
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?