VOLKSWAGEN GROUP UNITED KINGDOM LIMITED
Company number: 00514809
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
31 July 2020
Approved by:
John Newton
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 62%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
25 days
Longest standard payment period
60 days
Standard payment terms
The company's standard supplier payment terms are net monthly, which means an invoice is settled at the end of the month immediately following the month it was issued. Alternative payment terms may also be negotiated on a case by case basis during contract negotiations. The company pays its intra-group suppliers of vehicles and spare parts no earlier than 25 days following the date of invoice via a weekly payment run.
Were there any changes to the standard payment terms in the reporting period?
Payment terms to certain intra-group suppliers were reduced from 45 to 25 days.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The company aims to resolves all disputes related to payment as efficiently as possible. In the first instance the dispute should be handled by the Accounts Payable team. If it cannot be resolved it will be escalated to the department that entered into the business relationship with the supplier, where the company's representatives will use their best endeavours to resolve the dispute in a reasonable timescale. As a last resort the dispute may be referred to the company's Legal Counsel.
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