Predating invoices - pamela des barres dating
This can be claimed alongside the statutory late payment interest.
How do I record late payment interest and compensation in my accounting records for tax purposes?However you cannot apply the late payment legislation to personal debt.Back to top If each invoice relates to a separate order for goods or services, then you are entitled to claim interest and compensation on each overdue invoice.It is advisable that you think carefully before deciding to pursue the debt through the court and that you avoid issuing threats that you do not intend to act upon.We recommend that you have a look at the guidance provided on the Court Service website to help you decide whether court action would be appropriate if payment is still not forthcoming after the debtor receives notification of the interest and compensation due.The Court Service website is worth looking at to help you through this.
Another source of help you could turn to for advice on taking the debtor to court is the 'Lawyers for Business’ scheme, which will offer you contact details of a solicitor who can provide 30 minutes free legal advice. You can find more information on the Law Society website.
For example, the cost of using a solicitor or debt recovery business can be added to the claim.
Back to top In legal terms, interest continues at the 'daily rate' on the whole of the outstanding debt.
Back to top It is possible to claim interest on overdue invoices even if you haven't agreed a formal contract.
However, the key thing about credit terms is to agree them up front before trading with any other business, to help you get paid more quickly and avoid misunderstandings.
The legal status of the business you are seeking to claim interest from is irrelevant.