GOV.UK
TJX UK
Company number: 03094828
Reporting period:
2 February 2020
to 1 August 2020
This report was filed on 28 August 2020
and approved by John Joseph Klinger
Payment statistics
Average time taken to pay invoices: 63 days
Invoices paid:
- within 30 days: 26%
- in 31 to 60 days: 39%
- in 61 days or more: 35%
Invoices due but not paid within agreed terms: 50 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Trade Vendors:
TJX UK is committed to paying its invoices within agreed terms. In relation to trade vendors, we believe the majority of invoices that are not paid within the agreed terms are as a result of non-submission of an accurate invoice to TJX UK. TJX UK typically endeavours to contact vendors where goods have been received and we have not received a vendor’s invoice.
Non Trade Vendors:
TJX UK Standard payment terms for non-trade suppliers, other than rents, rates and utilities, are currently 60 days on satisfactory completion of the work and on receipt of an accurate and valid VAT invoice
Were there any changes to the standard payment terms in the reporting period?
Yes – As a precaution, in late March we made a temporary adjustment to our payment terms. We reverted to our original payment terms within three weeks
Were suppliers notified or consulted about these changes before they were made?
Yes – Vendors were notified via email.
Maximum contractual payment period agreed
180 days
180 days were agreed as an exception to the normal policy
Any other information about payment terms
No
Dispute resolution process
The main contact for queries or disputes relating to invoices will typically be the TJX UK Accounts Payable team. Vendors are generally required to send a copy of the invoice which is under dispute together with the relevant TJX UK Purchase Order number to support in the investigation of the query. Following investigation of the query, Accounts Payable will aim to resolve the vendor’s dispute within 5 working days.
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.
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