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Interest on late payments

If you have a problem with customers paying late, consider charging interest on late payments.  A statutory amount can be claimed on commercial debts under the Late Payment of Commercial Debts Act from 7 August 2002.  You will need to include this in your terms of sale. 

For further guidance see the Better Payment Practice Group www.payontime.co.uk

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Tel 0117 922 2924, Fax 0117 922 2954, email: info@businessmatch.org.uk