The Late Payment of Commercial Debts (Interest) Act 1998 is a very useful piece of legislation for small businesses who cannot afford to offer long periods of credit to its customers and clients. The act is designed to both deter late payments and compensate companies whose invoices aren’t paid on time, awarding them interest on outstanding debts and fixed amounts of compensation.
The Financial Management Centre is a UK-wide network of accounting and bookkeeping professionals who you can call on to help you with your business’s books, either to simply help you fill in the right paperwork at the right time, or to handle all your accounting needs.
When it comes to running the financial affairs of your business, whether a mighty conglomerate or just a two man team with a van, there really is no substitute for professional advice.
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