MILLER INSURANCE SERVICES LLP

Company number: OC301468

Reporting period:
1 July 2023 to 31 December 2023

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This report was filed on 30 January 2024

and approved by James Hands

Payment statistics

Average time taken to pay invoices: 16 days

Invoices paid:

• within 30 days: 85%
• in 31 to 60 days: 12%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 19%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

The most common payment term is 30 days from the invoice date. a payment run is processed each week, for which an invoice will be included after it has been approved regardless of the payment terms.

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

If the dispute is regarding the product or service this will be resolved by the relevant department through negotiation with the supplier. Accounts Payable are informed of any disputes via phone or email.

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