[Scott Blaney]

X

[Blast Away]

Not sure if it's changed on the percentage, I got it from http://payontime.co.uk/late-payment-legislation-interest-calculators

This is part of our invoices. Anyone well overdue gets an amended invoice, they soon pull their finger out and pay up.

[Griffus]

Part of a follow up letter issued a few years back. Payment was received in full the day before the deadline that we set.   We also continue working for this Client to date.

Lee has already mentioned the Payontime website.   Legislation did change on 16th March 2013 so Lee's tip well worth a look for up to date version.


“I understand that Ian did mention to *** before Christmas that we intend to add Interest on all overdue invoices at the statutory rate of 8% + Bank of England Base Rate, this will be backdated to the point at which they became overdue.

Although Ian did stress that this is not something we really want to do I feel that the amount of time we have waited for payment, especially against invoice ***, leaves us with no option. I will hold fire on this until 20th January.

Can you respond ASAP advising when we can expect payment in full on all those listed above as overdue”.



More infor here: -

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/138129/bis-13-705-a-users-guide-to-the-recast-late-payment-directive.pdf


http://payontime.co.uk/users-guide-to-the-late-payment-of-commercial-debts-interest-act-1988

[Matt Gibson]

I have the same on my invoices.

[drive surgeon]

Great idea lads or you can say you want payment on completion or your not doing tHe work!

[drive surgeon]

It's a joke having to wait 7 days never mind 30 days.  No wonder so many business's fold. Cash flow is a joke waiting that long. I don't know why most people don't insist on payment on completion or 7 days max. They only have to write a cheque. Most commercial clients we have said that do have give us a cheque on completion. Why should you wait when the jobs finished?  Your invoice just goes to the bottom of the pile otherwise while your bank accoUnt suffers.

[Scott Blaney]

It's a joke having to wait 7 days never mind 30 days.  No wonder so many business's fold. Cash flow is a joke waiting that long. I don't know why most people don't insist on payment on completion or 7 days max. They only have to write a cheque. Most commercial clients we have said that do have give us a cheque on completion. Why should you wait when the jobs finished?  Your invoice just goes to the bottom of the pile otherwise while your bank accoUnt suffers.

In an ideal world, it would work like this.  Unfortunately a lot of businesses insist on the 30days whether people like it or not - the bigger ones are the worst for it.

[drive surgeon]

Yeah I know mate. But you got to say you usually take payment on completion. Unless it's thousands of pounds it's no big deal to these firms to write a cheque for a few hundred quid on the day instead of you waiting ages. We did a massive job for this commercial company which took a whole week. We told them we wanted paying on completion. And the full amount was in our bank account the same night we finished. Sometimes you got to be tough. You wouldn't buy a shirt and say to the cashiering will pay you in 30 days for it. Give it a go and see your results.half the jobs aren't worth doing anyway if you have to wait that long. Easier to do a load of cash jobs for smaller clients.

[Barry W]

I put this on all my invoices.

LATE PAYMENT CHARGES   
   
 All invoices to be paid within 30 days of the date of invoice.   
 UPTO £999.99   £40.00 PER INVOICE
 £1000.00 TO £9999.99   £70.00 PER INVOICE
 £10000.00 OR MORE   £100.00 PER INVOICE
   
 Interest will also be charged at 8% above the Bank Of England base rate   
 from the first overdue day until payment is received   

Also read all of this
http://www.paylate.co.uk/

[drive surgeon]

Well in Barry!  U gotta do things like this or this is the reason so many firms to bust waiting ages for payments. It's just not worth it.

[Kev Martin]

1.  Add 10% on your original quote
2.   Submit your quote offering a 10% discount for settlement within 7 days,
7.5% within 14 days, 5% within 21 days and 2.5% up to 28 days.
You will be amazed! And if they don't pay you have an extra 10% for your troubleat least