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

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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

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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?

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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?

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