QVC UK
Company number: 02807164
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 30 July 2018
and approved by Robert Muller
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 31%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 43 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
90 days
Standard payment terms
For Inventory purchase contracts, standard payment terms are 30 days following the end of the month of the goods delivery.
For Non-Inventory purchase contracts, standard payment terms are 30 days Net.
Invoices are offset against outstanding receivables.
The longest standard payment period of 90 days only is applied to a proportion of an invoice (max 40%) where Retention terms have been agreed.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
The longest standard payment period of 90 days only is applied to a proportion of an invoice (max 40%) where Retention terms have been agreed.
Any other information about payment terms
Invoices are offset against outstanding receivables which lengthens the payment period.
83% of the invoices due but not paid within agreed terms (43%) are paid within 14 days.
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
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