Incorrect invoice

[Safe Collections]

Yes you have to pay.

Your year end means nothing as far as legal liability for payment goes but as others have suggested given the amount it is not unreasonable to ask for some time to pay.

We currently have a 2009 invoice for collection that the contractor missed and only found when he got a new accountant. It happens sometimes.

[Monopoly]

If you have a contract signed that states the cost, and this is backed up by their new invoice, then I would say yes.

It's the other way around, but a couple of years ago, I mistakenly over-invoiced. The agency paid the invoices, but noticed the mistake about eight months later. I had to repay the money.

Thanks that helps...

[d000hg]

That your end-year accounts are done is not relevant, you wouldn't be paying this retrospectively.

I can see it hurts your tax position though since you had profit £15k higher and presumably paid CT on that, if paying this in the current year pushes the company into a loss. Whether you can do anything to mitigate that I don't know.

It would be sensible to suggest to the supplier you might need time to pay such a sizeable amount you hadn't planned for, but I don't know that has any grounding other than common sense.

[TheFaQQer]

One of my suppliers sent me an invoice last December. It was duly paid. Then they realised in July of this year that the invoice was raised incorrectly and is now asking for another 15k. Our year end in dec, and we have closed our accounts. We didn't notice the error and they found it by mistake.
Can they ask for this 7 months later?

Yes. Get them to issue a new invoice and pay that. Then it appears in this years accounts.

Unless there is something in the contract which gives a time limit on when they have to invoice by - for example I've seen some contracts which say that all work must be invoiced within six weeks of the work being completed otherwise it won't be paid.

[RasputinDude]

Put yourself in their shoes. If you had incorrectly raised an invoice and realised that you were short of £15k that was due to you, wouldn't you want to get hold of it?

[GillsMan]

One of my suppliers sent me an invoice last December. It was duly paid. Then they realised in July of this year that the invoice was raised incorrectly and is now asking for another 15k. Our year end in dec, and we have closed our accounts. We didn't notice the error and they found it by mistake.
Can they ask for this 7 months later?

If you have a contract signed that states the cost, and this is backed up by their new invoice, then I would say yes.

It's the other way around, but a couple of years ago, I mistakenly over-invoiced. The agency paid the invoices, but noticed the mistake about eight months later. I had to repay the money.

[LisaContractorUmbrella]

The simple answer is yes

[Monopoly]

One of my suppliers sent me an invoice last December. It was duly paid. Then they realised in July of this year that the invoice was raised incorrectly and is now asking for another 15k. Our year end in dec, and we have closed our accounts. We didn't notice the error and they found it by mistake.
Can they ask for this 7 months later?