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invoicing help
The Great One:
Hi guys
What do you put on the end of invoices about late payment, ie fines, the % etc
Many thanks
Regards
Martin 8)
Splashgroup:
Let them know if a cheque hasn`t arrived on day 31 that you will come along an wheel clamp their car ;) this makes them think a bit.
BeeClean:
martin ive started quoting people a price verbally of say £250 and when i confirm it in writing i divide it by 90 and then times it by 100. then the quote says £277.78 but at the bottom i put 10% settlement discount for payment within 7 days. most people pay up within 7 days. some people dont but pay the extra and occassionally you get one who pays late but still takes the dicount. overall it works ok ;D
there are always a few people who pay late whatever you do though ::)
The Great One:
there is a law that states that invoices have to be paid or you can charge interest and a fine and it is this i would like to know.
Thanks
Martin 8)
woodman:
Hi Martin
The law you refer to is:
The Late Payment of Commercial Debts Act 2002
This act allows you to do two things
1) You can charge interest at the annual rate of 12% for each day the your invoice is overdue
2) You can make a one off compensation charge against the over due invoice again if it is late by even one day
at the following rates.
Debt Size up to £999.99 you can charge a Fine of £40.00
Debt Size up to £9,999,99 fine £70.00
Debt size up to £10,000 and above fine is £100.00
Hope this helps
Trevor
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