Interest
Your right to charge interest is either contractual or under statute. You say that you are intending to charge statutory interest and I assume therefore that you do not have a contract which entitles you to claim interest - if not you should certainly think about having some terms and conditions drawn up to be included on any quote that you send out for your client to confirm acceptance of when placing an order. As you are claiming statutory interest the question of T&Cs is academic and no terms in your clients own contractual documentation can absolve them of their liability to pay interest.
As far as the date of payment is concerned this will be the date that you actually receive payment of your fees. I would say that it will be the date you physically receive a cheque and you could probably allow a further 3 days for the funds to clear through the banking system. Unless the amount due is large a few days is not really going to make a great difference.
Suggest you visit www.payontime.co.uk for information about interest and how it can be charged.
Steve Bellamy
Qdos Consulting Ltd
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Late Payers?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Late Payers?"
Collapse
-
Guest replied
-
Guest repliedDate of posting should be sufficient.
However, does your contract expressly exclude the clients standard terms of trading from the contract? and have you seen them?
It may be that the client has a different payment cycle, and is confident that his T's and C's override yours.
Also, be careful since you may be biting off the hand that feeds you!!
Leave a comment:
-
Guest repliedRe: Clarification....
Haha...you have no idea how right I am :rollin
Mailman
Leave a comment:
-
Guest repliedRe: Clarification....
The date on the envelope does seem to be a good solution. Unless you are talking hundreds of thousands a couple of days difference isn't going to make a difference and it can't reasonably be the date that it clears as that is outside the control of the payer (you could leave it your drawer for two weeks just to divy up some more interest).
As to the opting out bit, you are right it makes no difference. Mailman is talking out of his arse - as I have told him before, but he isn't interested in learning about Contract law, he has some other agenda (whatever it may be).
tim
Leave a comment:
-
Guest repliedClarification....
As stated (but maybe not clearly enough!) in the original post, this is a direct contract with a client, not an agency. Opting in or out doesn't have any relevance... it's a straightforward business contract as far as I can see. Payment terms clearly stated and all that.
BTW (perhaps surprisingly) my accountant didn't know the answer but guessed that the postmark on the envelope the cheque arrives in may be the significant date for calculating the late payment fee
Leave a comment:
-
Guest repliedif you have opted out you are rooted...you can thank the PCG for that little gem.
Mailman
Leave a comment:
-
Guest started a topic Late Payers?Late Payers?
Having a leetle problem at the moment with a client paying late - am planning to hit them with the statutory interest charge but have been trying to find - and yes, I have researched it on the net (no joy) - a legal definition of 'paid'.
My contract says that invoices will be 'paid within 14 days of invoice presentation'... so am I deemed to have been paid when the cheque clears, the cheque arrives through my letterbox, or when the cheque is written?
Thanx in advance,Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: