QVC UK

Company number: 02807164

Reporting period:
1 July 2020 to 31 December 2020

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This report was filed on 9 February 2021

and approved by Robert Muller

Payment statistics

Average time taken to pay invoices: 26 days

Invoices paid:

• within 30 days: 75%
• in 31 to 60 days: 17%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 22%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

90 days

Standard payment terms

For Inventory purchases standard payment terms are 30 days following the end of the month of the invoice date. For Non-Inventory purchases standard payment terms are 30 days Net.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

Out of term payments are mainly due to Invoices being offset against outstanding receivables which lengthens the payment period. In addition, for Non Inventory purchase contracts the payment date is dependent on the invoice date however most invoices are not received until 2 weeks after the invoice date.

Dispute resolution process

All payment terms are agreed as part of the contract and clearly stated on all purchase orders. As such, dispute over payment terms are rare. Queries are handled by a dedicated Accounts payable team. Any issues are escalated to the appropriate team for resolution

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, 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