late payment

If you’re running a limited company, there are certain details you must include on your invoices by law and others which should be included. Your aim is to provide accurate information which fully describes what services are included, and concise company details to ensure that you get paid correctly, and on time. Writing an invoice can be straightforward, once you understand all the details that will need to be featured.
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It is time for the Government to address the destructive impact of late payments on the UK’s small businesses says Inna Kaushan the co-founder of Solna.

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With the lead up to Christmas and the New Year, business owners are likely to be busy dealing with getting the customers in and operating the business. However, small business owners need to ensure that they plan ahead when it comes to making payments and payment processing. Making payments on time is vital to ensure that everyone has a Merry Christmas and are able to enjoy the festive period.
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Late payment is one of the leading causes of business failure. When the cash stops flowing, many firms  – even successful ones – could be forced out of business. Keeping on top of your cash flow should be a priority for all business owners.
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The Late Payments of Commercial Debts (Interest) Act 1998 was originally devised as a way of ensuring small businesses are not left out of pocket by late payments, and sets out the entitlement to charge a statutory rate of interest on any overdue invoices.
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A charity says that the self-employed are particularly saddled with high levels of debt, typically owing £10,000 more than the average individual seeking help.
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A new report, published by the Adam Smith Institute (ASI), calls on the Government to scrap Employers’ National Insurance contributions entirely.
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