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Recovering late payment interest and debt costs

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7 years 6 months ago #2044 by lesley@ukcrosshire.co.uk
Recovering late payment interest and debt costs was created by lesley@ukcrosshire.co.uk
Hi, I understand the Late Payment interest and recovery costs. But how do you get the customer to pay it?

Do I invoice them for the amount?

If the amount remains unpaid say for 3 weeks, do I sent them an invoice weekly with weekly calculation?

We are VAT registered, do I add VAT?

Sorry for so many questions but I need to get this right as a customer is refusing to pay two invoices because they are disputing one of them.

Thanks

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7 years 6 months ago #2045 by james@cpa.co.uk
Replied by james@cpa.co.uk on topic Re: Recovering late payment interest and debt costs
Hi Lesley,

No, you do not need to invoice them, they are simply added to your claim.

And no you do not need to add VAT. You can simply write to them and say that they owe £x for the outstanding invoices, £y for the compensation and £z in interest. Therefore please pay £(X+y+Z) and note that interest is being incurred at the rate of £w per day that the total remains unpaid.

James

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7 years 6 months ago #2051 by lesley@ukcrosshire.co.uk
Replied by lesley@ukcrosshire.co.uk on topic Re: Recovering late payment interest and debt costs
Thank you

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