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Invoice Question

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    Invoice Question

    Hi,

    Quickie question please.

    What is a typical/acceptable percentage rate for overdue invoice payments? (i.e. If I invoice someone is it acceptable to state on my invoice that late payments are subject to a 5% charge :evil )

    Thanks

    #2
    Putting it on the invoice is one thing - getting them to pay it is entirely another thing.

    There was some legislation on this a while back and I think some surcharge is legally enforcible - can't remember the name of provide a link though.

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      #3
      A surcharge at the level suggested is not enforcable unless it was agreed in the contract.

      If there is no prior agreement then there is a statutory right to charge interest at x% over base on invoices outstanding after y days. I can't remember the actual numbers, but I guess that it would be around 1% per month.

      start by looking here:

      www.payontime.co.uk/

      tim

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        #4
        Thanks guys, will do some further research.

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          #5
          Have a look here - they have other links to follow as well.

          Seems you can charge up to 8% over the BoE base rate.


          Small Business UK site

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