Additional compensation is recoverable** to indemnify a “supplier” for the expense of appointing bookkeepers, accountants and lawyers to assist with the calculation and recovery of the late payment compensation.
The fixed sums for compensation are:
For invoices up to the value of £1,000 – £40
For invoices over £1,000 and less than £10,000 – £70
For invoices of £10,000 or more – £100
The invoice does not need to be unpaid to make a claim; it only needs to have been paid late. The ‘supplier’ has 6 years from the relevant date to issue a claim at Court.