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- Late commercial payments: charging interest and debt recovery
The interest you can charge if another business is late paying for goods or a service is ‘statutory interest’ - this is 8% plus the Bank of England base rate for business to business transactions
- Essential guide to interest on late payments - Law Donut
If a customer pays you late, you have a legal right to claim interest Find out how charging interest on late payment can encourage customers to pay on time
- UK Late Payment Law – What You Need To Know in 2022 - brodmin
The UK Late Payment Law says that all businesses have the right to charge their clients interest on late payment unless otherwise agreed The law clearly states that payment MUST be received in the first 30 days of sending the invoice or delivery of goods or services, whichever one is later
- Late Payment of Commercial Debts (Interest) Act 1998
The Late Payment of Commercial Debts (Interest) Act 1998 remains a powerful and accessible tool for businesses facing delayed payments It imposes statutory interest, fixed compensation, and reasonable recovery costs giving your businesses a structured and fair method to deal with late-paying customers—often without the need for formal
- Interest and Costs for Late Payment of Debts in England and Wales
The main source of interest and costs for commercial debts in England and Wales is the Late Payment of Commercial Debts (Interest) Act 1998 If a contract for the supply of goods or services does not mention interest, it is implied that interest is to be paid
- Late‑Payment Interest: Charging Recovering It the Right Way (UK)
Fortunately, UK law gives businesses a clear way to deal with late-paying customers: charging statutory interest and recovering debt collection costs But when are you entitled to do this, and how can you set things up so you’re legally protected and get paid faster?
- Late Payment of Commercial Debts (Interest) Act explained
If you do not agree a payment date, the law says the payment is late 30 days after either: The interest you can charge if another business is late paying for goods or a service is ‘statutory interest’ – this is 8% plus the Bank of England base rate for business to business transactions
- Interest charges for late payments and compensation
Businesses can claim interest and compensation on unpaid invoices or debts under the Late Payment of Commercial Debts (Interest) Act 1998 Here’s a breakdown of how it works, how it's calculated, and how businesses can collect it:
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