My feed
Premium

Please
or
to access all these features

Chat with other users about all things related to working life on our Work forum.

Work

Claiming money back under Late Payment of Commercial Debt (Interest) Act

3 replies

TomRavenscroft · 21/03/2018 10:47

Has anyone else used this? I'm very confused about the terms.

Under the act, self-employed/sole traders can claim compensation and interest on late payments. Fine.

But I've read conflicting accounts of the terms. I don't know if you can legally claim compensation and interest if businesses haven't paid within 30 days of being invoiced, or within 60 days. Is it different for private companies and public sector ones?

OP posts:
Report
Estjab · 10/04/2018 17:31

Hi, I've used this legislation. Here's a very useful link for you:
www.gov.uk/late-commercial-payments-interest-debt-recovery

Report
TomRavenscroft · 10/04/2018 17:58

Thank you! I still don't think I understand, though – with a private company, can I legally claim compensation and interest after 30 days, or or 60?

OP posts:
Report
Estjab · 10/04/2018 19:30

It's 30 days: here's a more useful explanation for you:

www.osborneclarke.com/media/filer_public/19/8e/198e3129-4118-45fa-9801-eb34d34204e2/late-payments-of-commercial-debts.pdf

Do you put a payment period in your invoices?

Report
Please create an account

To comment on this thread you need to create a Mumsnet account.