How much to charge???

Question

I have a small business in the Uk, constantly my customers take longer than the stipulated 30 days to pay me. Does anyone know the legal amount per day i am able to charge these companies once the 30 days are expired. THIS CREDIT CRUNCH IS CRIPLING ME!!!!

Answer 1

I'm not sure if this is correct information but I found the following site which claims you can charge 8% late fee. Seems there were a lot of laws passed within the last 10 years or so to help the small business owner like yourself.

http://late-payment-law.co.uk/