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Printing Invoices Interest Charges ?

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9 years 9 months ago #1334 by Accounts prescotts
Printing Invoices Interest Charges ? was created by Accounts prescotts
We have sage and I have been asked for invoices for the late payment interest that has been added but I am unable to print any off. Please help

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9 years 9 months ago #1432 by David J
Replied by David J on topic Re: Printing Invoices Interest Charges ?
Hello

I don't know much about Sage but I believe there is an add-on that will create invoices including the late payment interest and compensation.

Maybe contacting Sage would be worth while.


David

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9 years 6 months ago #1832 by Info@specialplasters.co.uk
Replied by Info@specialplasters.co.uk on topic Re: Printing Invoices Interest Charges ?
As I understand it you don't produce an invoice. If you you do this will become part of your sales turnover which it is clearly not. Also there is no VAT to be appied. You just need to make a statuory demand for the fixed fee plus the interest. Send it recorded delivery and keep a copy to sue them with.

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9 years 6 months ago - 8 years 7 months ago #1838 by Info@specialplasters.co.uk
Replied by Info@specialplasters.co.uk on topic Re: Printing Invoices Interest Charges ?
I thought I had replied to this but it has not appeared? As I understand the law (I read this somewhere on a .GOV site) you must not invoice for this. It said you just make a demand for the statuary amount and the interest. I would send it recorded and keep a copy to sue with. There is no VAT and it is should not be part of your sales turnover.

Mark

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9 years 6 months ago #1840 by David J
Replied by David J on topic Re: Printing Invoices Interest Charges ?
Sorry I didn't realise that you had posted this. I have to approve all posts these days thanks to spammers.

You are right, you do not create an invoice, you make a demand. My reply before was incorrect. It should have said that there might be an plug-in for sage that will allow you to calculate interest and compensation owed.

When you make a claim, you do actually make the claim INCLUDING any VAT element.

More info here:

payontime.co.uk/how-to-calculate-late-payment-interest-and-compensation

David

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9 years 3 months ago - 8 years 7 months ago #1867 by stuartinlancashire
Replied by stuartinlancashire on topic Re: Printing Invoices Interest Charges ?
Just a point on "statutory demands" as I currently have a customer with an overdue debt of £325, however having read some information at {url]www.building.co.uk/how-do-i-issue-a-statutory-demand?/3143901.article[/url] I have learned that you can only issue a statutory demand for debts of more than £750. Apparently this is because of the cost of issuing a winding up-petition whic may not be cost-effective for debts of less than £5,000.

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