Payment terms

My basic terms of business are for payment to be received within 14 days from the date of invoice. Longer payment terms are available, but they will incur a 25% premium across the board from initial quotation. Jobs that incur production costs, such as where I’m sourcing materials are billed 50% up front. Also, if payment is made beyond the initial term, statutory interest will be charged at 8% – plus the Bank of England Base Rate – as well as a fixed fee of £40 as per Government late payment legislation.