The Payment Times Reporting Scheme (PTRS) will begin on 1 January 2021.
Large businesses and large government enterprises will need to report on their small business payment terms and times. This will help small businesses receive faster and fairer payment times.
Guidance material will be released soon, before the scheme starts on 1 January 2021.
PTRS information and guidance will be available on our PTRS webpage.
We will publish guidance material before the start of the scheme.
It will include detailed information on:
The Minister will announce Minister’s Rules for the PTRS. These will also provide more information on your requirements.
Self-registration for businesses will be available in December.
You will be able to provide your business details in the reporting portal.
By December, a Small Business Identification tool will also be available. This will help you identify which of your suppliers are small businesses.
Full reporting capability in the portal will be available in April 2021.