GOV.UK
TIP TRAILER SERVICES UK LIMITED
Company number: 08570225
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 1 September 2022
and approved by Mike Furnival
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 40%
- in 61 days or more: 15%
Invoices due but not paid within agreed terms: 47 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
120 days
Standard payment terms
TIP does not propose one standard term but our most common agreed payment terms is 30 days from the date of invoice. We agree payment terms on a case by case basis dependent on the size of the supplier's business, the services/goods they supply, and the level of spend. This is a mutual arrangement. TIP's payment terms are always based on a number of days after the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
The maximum payment period TIP has with any supplier is 120 days negotiated and agreed with 2 suppliers.
Any other information about payment terms
N/A
Dispute resolution process
TIP is proactive in contacting suppliers with reasons why submitted invoices cannot be processed. TIP operates a purchase order system and all suppliers are required to obtain a purchase order prior to invoice. In the event of there being a query relating to a purchase order such as the amount, the supplier is encouraged to contact the relevant branch or Head Office function that issued the purchase order in order to resolve the dispute.
TUP UK has a centralised Accounts Payable function who are always on hand to help suppliers with queries by pointing them to the relevant branch or department and explaining reasons for queried invoices, the department has a dedicated mailbox accountspayable@tipeurope.com. This team will always be able to help advise timescales for payment and query resolution. The TIP AP department clearly communicates the work authorisation process requirement and invoicing requirements to all suppliers. Each payment dispute is individually considered on its own merits.
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