Guidance on when a payment is deemed to be late and how much interest you can charge
Late payments can make it difficult for businesses to operate as it affects their cash flow and financial planning. While there are good business practices that all businesses can follow in order to ensure that they receive the money they are owed, there are also legal steps that can be taken. If a customer is late in paying for goods or services you have provided, you can claim interest and debt recovery costs.
Using the links below you can find out what steps to take if you need to take action on a late payment.
Information and advice
This office was launched in December 2017 to ensure fair payment practices for Britain's small businesses, and support them in resolving their payment disputes with larger businesses and bring about culture change.
You can take court action against someone who owes you money. This is a guide to the procedure
An overview of the rules and laws relating to bankruptcy, insolvency, liquidation, receivership and winding up companies
The government has made changes to help SMEs bid for public sector contracts. This includes requiring the entire public sector supply chain to be paid within 30 days
The Financial Ombudsman service deals with complaints brought against banks, insurers and other financial firms. It will deal with complaints brought by businesses and charities with a turnover of less than €2m and employing fewer than ten employees