I have one limited company that is way overdue 30 days.
I have given him a final warning to pay else I will impose a fine and daily interest rates.
This in accordance with the HMRC
https://www.gov.uk/late-commercial-payments-interest-debt-recovery/charging-interest-commercial-debt
Do I have to issue a new invoice on a daily basis, or what should I do?
Interest can go into interest received a/c and fine from you will be other income. If things have reached tot his stage , are you sure you ill recover all your debtors amount ?
Well i’ve advised him that I would be fining him for late payment before and he’s paid up by the end of the fine date. Hes overdue on another invoice now so as i’ve said I’ll fine him previously, then I need to carry out the fines and interest so he can’t think he can just pay whenever he likes… I’ve advised him of his daily interest rate of £0.03 per day that its overdue, and halted all forthcoming work till he pays this invoice. I think this is fair.