VOLVO CAR UK LIMITED
Company number: 02281044
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 31 January 2024
and approved by Johan Olsson CFO
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 7%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 11 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
45 days
Standard payment terms
Standard Volvo Car UK Ltd (“VCUK”) contractual payment terms for goods and services are 45 days from the date of valid invoice. Other individual contracts may vary.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
VCUK has a dedicated Finance Service Centre (based in Madrid). Vendors with invoice queries need to contact this team by raising a ticket via a web-based tool or by phone. The Finance Service Centre would seek to deal with any disputes promptly (in line with their Service Level Agreement with VCUK) involving VCUK contacts as needed, and will work with the supplier to resolve payment issues or disputes in accordance with internal investigation and escalation procedures.
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