Getting paid late is one of the biggest challenges for UK small businesses. Here's your step-by-step legal guide to recovering what you're owed.
Late payment is a serious problem for UK small businesses — the Federation of Small Businesses estimates UK SMEs are owed billions in late payments at any one time. Here's how to recover what you're owed.
Before escalating, send a firm but professional late payment letter. Reference the invoice number, date and amount. State that statutory interest is now accruing. Give a clear deadline — 7 or 14 days — and state what happens if payment is not received.
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