There are various ways of encouraging your customers to pay on time. However, despite your best efforts, you may find that some still end up paying late.
If this happens, you should contact the customer in question to try and resolve the issue and review your procedures to reduce the possibility of others paying late in future.
Note that you have rights under late payment legislation to add interest and debt recovery costs onto late payments. You can exercise these rights at your discretion.
This guide looks at the various ways to manage late payment. Your choice may depend on who the debtor is, the size of the debt and how late the payment is.
Structure your business
Name your business
Register your business
Choose your premises
- How to employ staff for the first time
- National Minimum Wage and National Living Wage rates
- Carry out pre-employment checks
- Ensure your workers are eligible to work in the UK
- Get employers' liability insurance
- Issue a written statement of employment
- Set up your payroll and register for PAYE with HMRC