1. When a payment becomes late
You can claim interest and debt recovery costs if another business is late paying for goods or a service.
You can agree a payment date. If you don’t have an agreement, the law says the payment is late after 30 days for public authorities and 60 days for business transactions after either:
- the customer gets the invoice
- you deliver the goods or provide the service (if this is later)
You can agree a longer period for payments from one business to another - but if it’s longer than 60 days it must be fair to both businesses.