User Guide to Late Payment Legislation

• Interest (base rate + 8%) plus small penalty fee can be claimed.

Part of maintaining any successful business is good cashflow management. We have all experienced instances of late payments to our practices and it feels like this is happening more and more frequently.

The Late Payment of Commercial Debt Act has been used successfully by practices around the country. Advice on how to go about this can be found in the 'Users Guide To Late Payment Legislation' which is at

www.payontime.co.uk

 

AM June 08

Relevant legislation is also  available on this website

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000121&propertyType=document#P38_2489