Interest on late payments

[rub1e]

There is some confusion (in my head) about whether we need to explicitly add the standard rate of interest for late payments (8% + BOE base rate) to our contracts - or whether we're ok because it's a statutory requirement.

But it can hardly hurt, so will update the contract template going forward

• Find validated verbiage for late payment interest
• Update contract template

[rub1e]

This was never meant to be a P1 - just something I need to do before the next contract gets sent out.

In answer to the starter question, interest on late payments is statutory so we don't technically need to include it in contracts, but it never hurts to be explicit, so I'll add in a line unless anyone objects?

HMRC explanation here: https://www.gov.uk/late-commercial-payments-interest-debt-recovery/charging-interest-commercial-debt