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Changes to Late Payment Regulations

Posted by Trevor Wagland on 20 September 2013 | 0 Comments

Late Payment of Commercial Debts Regulations 2013

Published by Trevor Wagland September 2013

Here is an interesting piece of legislative change for any of you who run your own businesses.

The Late Payment of Commercial Debts Regulations 2013

Here is a link to the actual legislation: http://www.legislation.gov.uk/uksi/2013/395/introduction/made

One of the key amendments is that you can charge interest of 8.5% on the invoice regardless of whether you included this in your T&C’s of your invoice.

You will also be able to claim costs of recovery against the other party.