Late Payment of Commercial Debts (Interest) Act 1998

1. Introduction

(ACT UPDATED : 2002)

At is4profit we are committed to offering you valuable advice that will benefit your business practices, your efficiency levels and most importantly, your bottom line. We are a signatory to the Better Payment Practice Group, which is a group that was formed in 1997 as a partnership between the public and private sectors. Its aim is to improve the payment culture of the UK business community and reduce the incidence of late payment of commercial debt. Using the Late Payment of Commercial Debts (Interest) Act 1998 as a catalyst for change, the BPPG is implementing a major campaign to raise awareness of the issue.

The Late Payment of Commercial Debts (Interest) Act 1998 can make a difference to what you do and why it might make reluctant debtors pay up. This guide tells you exactly how the Act affects small companies, why it has the potential to make your business run more smoothly and what you need to do to maximise its benefits.

Our guide to the Act covers everything you may need to know about the Act from how to claim interest and how much you should claim to how to avoid someone claiming from you! Our Q & A-style format has been devised for flexibility and ease-of-use. You can dip in to find a speedy response to your particular question or read the guide from start to finish for a comprehensive explanation. Whatever you want to know about the Act, you'll find it here - in the is4profit guide.

is4profit would like to thank the Better Payment Practice Group for the information upon which our guide is based.