Strictly 28 days from the invoice date.
A payment is late if payment is not received 28 days after the date the invoice was issued. Cheques will not be considered as payment until cleared.
Simple interest may be charged on a day-to-day basis on amounts due which with are unpaid after the credit period. An additional one-off fixed administration cost is also due on each defaulted or late payment.
The rate of interest charged will be based on an annual rate of 8% plus the Bank of England’s Interest rate, current at the time the amount was due. A daily rate applied shall be calculated as 1/365th of the annual interest on the amount due.
| Amount of Debt | Fixed Charge |
|---|---|
| Up to £999.99 | £40 |
| £1000 to £9,999.99 | £70 |
| £10,000 or more | £100 |
These terms are in line with The Late Payment of Commercial Debts Act (2018).