www.payontime.co.uk/doctor/doctor_main.html
The Late Payment of Commercial Debts (Interest) Act 1998 gives you the right to claim interest and compensation for late payments.
This is a statutory right – your customer doesn’t have to agree to it, you don’t have to inform them in advance that you intend to charge them if they pay late and you are not permitted to agree in advance to waive late payment fees unless a suitable alternative form of late payment penalty is agreed.
For invoices up to £999.99 you can charge £40 PER LATE INVOICE. For invoices of between £1,000.00 and £9,999.99 you can charge £70 PER INVOICE. You can also charge interest on a daily basis, currently at a rate of 13% per annum.
You don’t charge VAT on the late payment or the interest and you don’t charge the late payment fee on a recurring basis.
You don’t HAVE to charge the late payment fee but unless you’ve specifically agreed to waive the fee the late payer still owes it to you EVEN AFTER THEY’VE PAID THE ORIGINAL DEBT. The Read More…
Posted under Courier Basics, Courier Business, Courier Financial Issues, Late Payment, Legal Issues
Posted by Alec at 5:19 pm, August 2, 2008