CHARLES TAYLOR INSURETECH LIMITED

Company number: 09922480

Reporting period:
1 July 2021 to 31 December 2021

This information is as reported by the business, and responses are in their own words.

This report was filed on 1 February 2022

and approved by Chantel Garfield

Payment statistics

Average time taken to pay invoices: 14 days

Invoices paid:

within 30 days: 89%
in 31 to 60 days: 9%
in 61 days or more: 2%

Invoices due but not paid within agreed terms: 11%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

60 days

Standard payment terms

30 days from the invoice date

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

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The dispute will be managed by the relevant budget holder. Legal advice/action would be obtained if necessary

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.

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.

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?