VAUXHALL FINANCE PLC
Company number: 00275607
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
30 July 2020
Approved by:
Martin Page
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 21%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
45 days payment from the document date
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
60 days
There are only a few suppliers on 60 day terms and this is due to the nature of the product, mainly IT software suppliers
Any other information about payment terms
No further comment provided
Dispute resolution process
Once an invoice is received, it is posted immediately on to the Accounts Payable system and if not released within 3 days by the department invoice approver, the Accounts Payable team will attempt to resolve any disputes between the supplier and the internal approver as soon as possible. The Accounts Payable team will ensure all invoices are paid as soon as the dispute is resolved.
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