neoaccounting

New regulations introduce a criminal liability for large entities that fail to report on their payment practices. How can accountants help their clients stay within the law, asks Liz Loxton Caption: Illustration: Phil Hackett New payment practices regulations requiring large entities to report on their payment practices publicly every six months took effect in April 2017. Private and public companies as well as LLPs are affected and, in line with an interesting trend, these regulations introduce the prospect of criminal sanctions in the form of fines for non-compliance – an element of the legislation that finance directors won’t want to overlook. The facts The regulations form part of the Small Business, Enterprise and Employment Act 2015. Businesses and firms that meet two out of the following three criteria on their two last balance sheet dates – an annual turnover of £36m, a balance sheet total of £18m, and 250 employees or over – ne...