Submitted on Friday 19th August 2016
Published on Thursday 25th August 2016
Current status: Closed
Closed: Saturday 25th February 2017
Signatures: 21
Tagged with
Increase the interest rate freelancers can claim for late payment.
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.
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).
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