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The latest data from Her Majesty’s Revenue and Customs (HMRC) reveals the percentage of invoices paid within 5 days and within 30 days of receipt across various government departments. The data is presented on a quarterly basis and includes statistics related to the Valuation Office Agency (VOA) and the Revenue and Customs Digital Technology Services (RCDTS), up until the closure of the latter in 2023.
Key Data Insights:
- Invoices Paid within 5 Days: This metric showcases the proportion of invoices settled by HMRC within a 5-day window from the date of receipt, reflecting efficiency in processing and payment practices.
- Invoices Paid within 30 Days: This metric provides an overview of invoices paid within 30 days, serving as a benchmark for longer-term payment efficiency, especially for suppliers with extended processing times.
Coverage of the Data:
- The figures cover a comprehensive range of departments, with particular emphasis on the Valuation Office Agency (VOA), which assesses property values for tax purposes, and the Revenue and Customs Digital Technology Services (RCDTS), which managed digital and technological operations for HMRC until its closure in 2023.
- RCDTS’s Closure in 2023: Since the closure of RCDTS, the data reflects a shift in technological service provision, but historical performance during RCDTS’s operation provides valuable insight into HMRC’s overall payment timelines.
Why This Data Matters:
This performance data is important for businesses and suppliers working with HMRC, as it provides transparency into the timeliness of payment processes, which can influence cash flow and financial planning. The goal is to ensure that public sector entities meet agreed-upon payment terms and maintain a smooth financial relationship with contractors and suppliers.
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