None of us want to have to address late payments but you will understand that we all operate in some conventional way to run our own companies.
Late payments are anything but a minor inconvenience. They can (and often do) have major consequences – not least the adverse effect on cash flow and the inability to pay staff and suppliers on time.
Moreover, late payments can cost us as an operational business.
Please note: Our payment terms are no later than 21 days of work completed, if our invoice’s are not paid i21 days, we do charge a statutory interest, which is 8%, plus the Bank of England base rate for business-to-business transactions, which is 0.75%. So, the total statutory interest payable on late invoice’s would be 8.75%. We will of course send you a gentle reminder if we get close to those dates. Afterall your business is our business and we are all trying to acheive the same goal.
If invoices are still not paid we will use a “no collection, no fee” debt collection agency who usually charge between 5% and 15% of the amount collected. Again, this depends on the volume and complexity of the debt. Although in most circumstances, we will try to achieve a satisfactory solution if you are experiencing financial difficulty.
We may also utilise the services of money claim online via UK the government gateway. We cannot stress enough that this may result in a CCJ against you. Thankfully it has not come to this ever before but we cannot stress enough that late payment does effect us as a professional operational business.