For information on supplier’s rights to interest payments on late commercial debts (the current rate is 13%) see: http://www.payontime.co.uk/legislation/legislation_main.html
Here’s a random FAQ answer: It is not necessary for you to have notified your customer at the start of your relationship with them of your intention to charge late payment interest and you do not have to refer to it in your contract.
However, it is advisable [but not obligatory] that you amend your terms and conditions and make reference to your statutory right to interest in future contracts, as this may act as a deterrent against late payment. |