GOV.UK
TAYLOR WIMPEY UK LIMITED
Company number: 01392762
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 28 January 2022
and approved by Chris Carney, Group Finance Director
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 51%
- in 31 to 60 days: 45%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 15 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Our payment terms depend on the nature of the supply and order placed by the company.
Supplier payment terms:
Payment terms for suppliers are by the last working day in the month following the later of: the month in which the goods and/or services were received/supplied; or the month of receipt of a valid invoice.
Contractor payment terms:
Payment terms for approved works comply with the Local Democracy, Economic Development and Construction Act 2009 in which the final payment date is 7 days following the due date, with the due date being 30 days after the later of the date the application/invoice is received or the relevant month end.
Consultants:
Payment terms for consultants’ services comply with the Local Democracy, Economic Development and Construction Act 2009 in which the final payment date is 30 days following the due date, with the due date being the later of: date of receipt of a valid application/invoice for payment; or by a contractually agreed payment profile date.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
62 days
Any other information about payment terms
Self-billing is available for certain suppliers.
Dispute resolution process
Our standard contractual frameworks provide for a dispute resolution process which adopts the Construction Industry Council Model Adjudication Procedures and as per the Local Democracy, Economic Development and Construction Act 2009, either party may refer a dispute to adjudication. Either party has the right to initiate legal proceedings in the UK Courts.
Outside of adjudication, there is a dispute escalation procedure, namely (i) the authorised representatives of each party are to attempt to settle a dispute first (ii) failure to settle is referred to regional managing directors to attempt to resolve (iii) if still not resolved the dispute is to be referred in good faith to mediation.
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