Have your say on government e-petitions

Increase the interest rate freelancers can claim for late payment.

Submitted on Friday 19th August 2016

Published on Thursday 25th August 2016

Current status: Closed

Closed: Saturday 25th February 2017

Signatures: 21

Tagged with

England

Petition Action

Increase the interest rate freelancers can claim for late payment.

Petition Details

Under the Late Payment of Commercial Debts Act 1998, Businesses can claim 8% interest plus the current Bank of England base rate. However this is not enough to deter larger companies from taking advantage of freelancers carrying out non-contracted work, i.e a one-off job.

Additional Information

Late payment can severely impact a freelancer especially during a period of no work therefore it is important that they are able to claim fair compensation, not only to deter companies from exploiting them but to live. If a freelancer were to work one day for £100 and were not paid within 30 days of the client receiving the invoice, the freelancer could claim 8.25% interest (Bank of England base rate of 0.25%) meaning the annual interest would be £8.25 (approximately 0.0226 pence per day).


You can't sign this petition because it is now closed. But you can still comment on it here at Repetition.me!

Have your say on this petition!

comments powered by Disqus

repetition.me is a Good Stuff website

3.80.129.195 Thu, 28 Mar 2024 15:16:05 +0000