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Article Index
Interest on Late Payments
Who Can Charge Interest?
The Rate of Interest
Should You Charge Interest?
When is a Payment Late?
Calculating the Interest
How to Claim Interest
What if a Customer Objects?
Further Help
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Interest on Late Payments

All businesses have a legal right to claim interest from late-paying customers.

The statutory right to interest, introduced under the Late Payment of Commercial Debts (Interest) Act 1998, applies to all contracts agreed after 7 August 2002. Late payments create cashflow problems and expose businesses to the risk that they will not be paid. This briefing covers:

  • Who can charge interest on late payments.
  • How to decide whether or not to claim statutory interest.
  • How to calculate how much interest to charge.
  • How to claim what you are entitled to.
BHP Infosolutions

Labels: Cashflow Management, Getting Paid
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