Predating invoices

If you do this, you should calculate each individually and set them out in writing so it is clear which claim relates to which order.Back to top You should not issue an invoice for the interest and compensation - you put your claim in writing.The amount of compensation that the legislation states that you can claim for varies with the size of the claim.Of course you have the option to add together several claims for compensation and late payment interest in one claim.You have a statutory right to both and these should be paid with the principal sum by the debtor.

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Back to top There are many ways you can do this including obtaining bank references, trade references and obtaining company accounts.However you cannot apply the late payment legislation to personal debt.Back to top If each invoice relates to a separate order for goods or services, then you are entitled to claim interest and compensation on each overdue invoice.Over a period of months, we have erroneously charged the wrong amount to a customer. In the event of a dispute as to whether the supplier’s or the customer’s terms of trade are relevant to a contract, who is right?How do I record late payment interest and compensation in my accounting records for tax purposes?

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