{"id":22474,"date":"2023-03-28T13:57:18","date_gmt":"2023-03-28T13:57:18","guid":{"rendered":"https:\/\/www.factris.com\/?p=22474"},"modified":"2023-03-29T13:35:14","modified_gmt":"2023-03-29T13:35:14","slug":"legal-payment-term-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.factris.com\/en\/news\/legal-payment-term-everything-you-need-to-know-factris\/","title":{"rendered":"Legal payment term: everything you need to know"},"content":{"rendered":"

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The legal payment term is a crucial concept to understand when drafting invoices and payment agreements between companies and consumers in the UK. It refers to the period within which the payment must be made before statutory interest becomes due. In this article, we will cover the various aspects of legal payment terms.<\/span><\/p>\n

What is the legal payment term of an invoice?<\/strong><\/h2>\n

The Payment Terms Act 2017 sets the statutory payment term to 30 days in the UK. This implies that the invoice must be paid within 30 days from the receipt of the invoice, unless other arrangements have been agreed upon by the parties. In some cases, the payment term can also be reduced if there is <\/span>non-payment<\/span><\/a>.<\/span><\/p>\n

Statutory payment term for consumers<\/strong><\/h2>\n

The same legal payment term of 30 days applies to consumers in the UK, unless otherwise agreed. This implies that businesses must pay the invoice within 30 days from receipt, or else they will owe statutory interest.<\/span><\/p>\n

Legal payment term for companies<\/strong><\/h2>\n

For companies, a legal payment term of 30 days applies in principle, unless otherwise agreed. However, there is more room for negotiations in payments between companies. For instance, it is possible to agree in the contract that the payment term is longer than 30 days. This may be the case for large amounts or complex projects.<\/span><\/p>\n

Agreements between companies: what is the maximum payment term for invoices<\/strong><\/h2>\n

In the UK, there is no set maximum payment term for payment agreements between companies. However, payment terms exceeding 60 days are generally considered unfair and can be challenged by the courts. Any agreement that stipulates a payment term beyond 60 days must justify why it is necessary.<\/span><\/p>\n

Statutory payment term for large companies<\/strong><\/h2>\n

Large companies in the UK, defined as those with more than 250 employees and\/or an annual turnover of over \u00a336 million, have a different legal payment term from ordinary companies. A maximum payment term of 60 days applies to these companies, unless there is an express agreement between the parties.<\/span><\/p>\n

What is the legal payment term for SME\/SMP?<\/strong><\/h2>\n

For small and medium-sized enterprises (SMEs)<\/a> in the UK, the same legal payment term of 30 days applies as for consumers. This implies that businesses must pay the invoice within 30 days from receipt, or else they will owe statutory interest. However, it can be more challenging for SMEs to enforce payment terms when the <\/span>invoice has not been paid<\/span><\/a>.<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” max_width=”700px” custom_padding=”2px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”\/en\/news\/” button_text=”Back to the news page” module_class=”btn-back” _builder_version=”4.18.0″ _module_preset=”default” custom_button=”on” button_text_color=”#001194″ button_bg_color=”rgba(0,0,0,0)” button_font=”||||on||||” button_icon=”#||divi||400″ button_icon_placement=”left” button_on_hover=”off” global_colors_info=”{}” button_text_color__hover_enabled=”off|hover” custom_padding__hover_enabled=”off|desktop” custom_padding__hover=”|||59px|false|false”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.7.6″ _module_preset=”default” background_color=”#000A54″ custom_padding=”20vh||20vh||true|false” global_module=”2087″ saved_tabs=”all” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_font=”|700|||||||” header_text_color=”#ffffff” header_font_size=”46px” header_line_height=”2em” header_2_font=”|700|||||||” header_2_text_color=”#ffffff” header_2_font_size=”46px” header_2_line_height=”2em” header_3_font=”|700|||||||” header_3_text_align=”center” header_3_text_color=”#ffffff” header_3_font_size=”25px” header_font_tablet=”” header_font_phone=”” header_font_last_edited=”on|desktop” header_line_height_tablet=”1.8em” header_line_height_phone=”1.4em” header_line_height_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”32px” header_2_font_size_last_edited=”on|tablet” header_3_font_tablet=”” header_3_font_phone=”” header_3_font_last_edited=”on|phone” header_3_line_height_tablet=”” header_3_line_height_phone=”1.8em” header_3_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Focus on telling your business story<\/h2>\n

Trade your invoices for working capital by factoring<\/h3>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.factris.com\/en\/eligibility\/” button_text=”See if I qualify” button_alignment=”center” module_class=”btn-tertiary-2″ _builder_version=”4.17.4″ _module_preset=”default” custom_button=”on” button_text_color=”#ffffff” button_bg_color=”rgba(0,0,0,0)” button_font=”||||on||||” button_icon=”$||divi||400″ button_icon_color=”#ffffff” button_on_hover=”off” custom_margin=”||20px|||” custom_padding=”0px|0px|0px|0px|true|true” global_colors_info=”{}”][\/et_pb_button][et_pb_button button_url=”https:\/\/onboarding.factris.com\/en\/sign-up” button_text=”Finance my invoices” button_alignment=”center” _builder_version=”4.16″ _module_preset=”default” button_icon=”$||divi||400″ button_icon_color=”#353540″ button_on_hover=”off” custom_margin=”||18px|||” custom_padding=”10px|40px|10px|25px|true|false” global_colors_info=”{}” custom_padding__hover_enabled=”on|hover” custom_padding__hover=”|50px|||true|false”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

The legal payment term is a crucial concept to understand when drafting invoices and payment agreements between companies and consumers in the UK. It refers to the period within which the payment must be made before statutory interest becomes due. In this article, we will cover the various aspects of legal payment terms. What is […]<\/p>\n","protected":false},"author":1,"featured_media":22491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"[et_pb_section fb_built=\"1\" _builder_version=\"4.16\" _module_preset=\"default\" custom_padding=\"40px|||||\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.16\" _module_preset=\"default\" max_width=\"700px\" custom_padding=\"2px||4px|||\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_button button_url=\"\/nl\/nieuws\/\" button_text=\"Naar de nieuwspagina\" module_class=\"btn-back\" _builder_version=\"4.18.0\" _module_preset=\"default\" custom_button=\"on\" button_text_color=\"#001194\" button_bg_color=\"rgba(0,0,0,0)\" button_font=\"||||on||||\" button_icon=\"#||divi||400\" button_icon_placement=\"left\" button_on_hover=\"off\" global_colors_info=\"{}\" button_text_color__hover_enabled=\"off|hover\" custom_padding__hover_enabled=\"off|desktop\" custom_padding__hover=\"|||59px|false|false\"][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=\"4.17.4\" _module_preset=\"default\" max_width=\"700px\" custom_padding=\"47px|||||\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.18.0\" _module_preset=\"default\" header_font_size=\"46px\" header_line_height=\"1.4em\" header_2_font=\"|700|||||||\" header_2_text_color=\"#000a54\" header_2_font_size=\"27px\" header_2_line_height=\"1.2em\" header_3_font=\"|700|||||||\" header_3_text_color=\"#000a54\" header_3_font_size=\"23px\" header_3_line_height=\"35px\" header_4_text_color=\"#000a54\" header_4_font_size=\"21px\" header_4_line_height=\"29px\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]Liquiditeit is een financi\u00eble ratio, net als rentabiliteit en solvabiliteit<\/a>. Deze ratio\u2019s worden gebruikt om inzicht te krijgen in de ontwikkeling van je bedrijf. De liquiditeit laat zien hoe goed een bedrijf kan voldoen aan haar betalingsverplichtingen op de korte termijn. Dus hoe flexibel een bedrijf op financieel vlak is.\n

Waarom is liquiditeit belangrijk?<\/h2>\nHet berekenen van de liquiditeit is belangrijk om te kijken of je bedrijf wel goed aan haar betalingsverplichtingen kan voldoen. Een gebrek aan liquiditeit kun je als bedrijf in de problemen komen. Op het moment dat je de korte termijn betalingsverplichtingen niet kunt voldoen, loop je risico dat bijvoorbeeld leveranciers geen producten meer willen leveren.\n

Hoe bereken je liquiditeit?<\/h2>\nAls we het hebben over liquiditeit zijn er twee vormen: statische en dynamische liquiditeit. De statische liquiditeit geeft aan of je bedrijf kan voldoen aan de betalingsverplichtingen met de vlottende activa. Bij de dynamische liquiditeit wordt gekeken naar de verhouding van inkomende en uitgaande geldstromen. Om de liquiditeit te berekenen is het eerst van belang om te weten welke liquiditeitsvorm je wilt berekenen.\n

Statische liquiditeit<\/h3>\nDe statische liquiditeit wordt dus gebruikt om te kijken of het bedrijf voldoet aan de betalingsverplichtingen met de vlottende activa. Dit wil zeggen de activa die binnen een jaar te gelde kunnen worden gemaakt. De statische liquiditeit kun je berekenen op verschillende manieren:\n\nQuick ratio<\/strong>\nDe quick ratio kun je berekenen met de volgende formule:\n\nQuick ratio = Vlottende activa \/ Kort vreemd vermogen<\/em>\n\nIndien de uitkomst hoger is dan 1, dan kun je meteen voldoen aan je betalingsverplichtingen\n\nNettowinstkapitaal<\/strong>\nDe nettowinstkapitaal kun je berekenen met de volgende formule:\n\nNettowinskapitaal: Vlottende activa - Kort vreemd vermogen<\/em>\n\nMet deze berekening kun je zien hoeveel geld overblijft na het voldoen aan de betalingsverplichtingen.\n\nCurrent ratio<\/strong>\nDe current ratio kun je berekenen met de volgende formule:\n\nCurrent ratio: Vlottende activa \/ Vreemd vermogen<\/em>\n\nBij een uitkomst hoger dan 1 kun je voldoen aan je betalingsverplichtingen. Het beste is als je een waarde het tussen de 1 en 2. Als de current ratio hoger is dan 2 is het misschien verstandig om een deel hiervan te investeren in het bedrijf.\n

Dynamische liquiditeit<\/h3>\nDe statische liquiditeit gaat vooral om de \u2018nu\u2019 en de dynamische liquiditeit kijkt vooral naar de toekomst. Dit doe je door te kijken naar de verhouding van de inkomende en uitgaande geldstromen in een bepaalde periode. Hiervoor is het belangrijk om eerst een liquiditeitsbegroting te maken en in te schatten wat er daadwerkelijk gebeurt met de geldstromen. Door de inkomende en uitgaande geldstromen met elkaar te vergelijken kun je zien of je aan je betalingsverplichting kunt voldoen.\n

Hoe verbeter je de liquiditeit?<\/h2>\nOm de liquiditeit te verbeteren is het goed om eerst te kijken of het een structureel probleem is, of dat het een tijdelijk probleem is omdat je bijvoorbeeld een investering hebt gedaan. Indien het een structureel probleem is, kun je verschillende stappen gaan ondernemen:\n\n1. Zorg dat je niet afhankelijk bent van \u00e9\u00e9n klant\n2. Hanteer korte betaaltermijnen van 30 dagen en stuur op tijd herinneringen uit voor betalingen\n3. Werk met een factoringmaatschappij<\/a> zoals Factris<\/a> om bedragen eerder te ontvangen\n4. Maak persoonlijk contact met een klant als aanmaningen niet helpen\n5. Accepteer geen nieuwe bestellingen van klanten die niet op tijd hun rekeningen betalen\n6. Schakel op tijd een incassobureau in bij wanbetaling\n\nHeb je nog vragen over liquiditeit of hoe je deze met factoring<\/a> kunt verbeteren? Neem gerust contact<\/a> op met ons.[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=\"4.16\" _module_preset=\"default\" max_width=\"700px\" custom_padding=\"2px||4px|||\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_button button_url=\"\/nl\/nieuws\/\" button_text=\"Naar de nieuwspagina\" module_class=\"btn-back\" _builder_version=\"4.18.0\" _module_preset=\"default\" custom_button=\"on\" button_text_color=\"#001194\" button_bg_color=\"rgba(0,0,0,0)\" button_font=\"||||on||||\" button_icon=\"#||divi||400\" button_icon_placement=\"left\" button_on_hover=\"off\" global_colors_info=\"{}\" button_text_color__hover_enabled=\"off|hover\" custom_padding__hover_enabled=\"off|desktop\" custom_padding__hover=\"|||59px|false|false\"][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.7.6\" _module_preset=\"default\" background_color=\"#000A54\" custom_padding=\"20vh||20vh||true|false\" global_module=\"2087\" saved_tabs=\"all\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.16\" _module_preset=\"default\" custom_padding=\"0px||0px||true|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.16\" _module_preset=\"default\" header_font=\"|700|||||||\" header_text_color=\"#ffffff\" header_font_size=\"46px\" header_line_height=\"2em\" header_2_font=\"|700|||||||\" header_2_text_color=\"#ffffff\" header_2_font_size=\"45px\" header_2_line_height=\"2em\" header_3_font=\"|700|||||||\" header_3_text_align=\"center\" header_3_text_color=\"#ffffff\" header_3_font_size=\"25px\" header_font_tablet=\"\" header_font_phone=\"\" header_font_last_edited=\"on|desktop\" header_line_height_tablet=\"1.8em\" header_line_height_phone=\"1.4em\" header_line_height_last_edited=\"on|phone\" header_2_font_size_tablet=\"\" header_2_font_size_phone=\"32px\" header_2_font_size_last_edited=\"on|phone\" header_3_font_tablet=\"\" header_3_font_phone=\"\" header_3_font_last_edited=\"on|phone\" header_3_line_height_tablet=\"\" header_3_line_height_phone=\"1.8em\" header_3_line_height_last_edited=\"on|phone\" global_colors_info=\"{}\"]\n

Focus op de groei van uw bedrijf<\/h2>\n

Zet uw onbetaalde facturen om in werkkapitaal<\/h3>\n[\/et_pb_text][et_pb_button button_url=\"\/nl\/geschiktheid\/\" button_text=\"Kijk of u in aanmerking komt\" button_alignment=\"center\" module_class=\"btn-tertiary-2\" _builder_version=\"4.16\" _module_preset=\"default\" custom_button=\"on\" button_text_color=\"#ffffff\" button_bg_color=\"rgba(0,0,0,0)\" button_font=\"||||on||||\" button_icon=\"$||divi||400\" button_icon_color=\"#ffffff\" button_on_hover=\"off\" custom_margin=\"||20px|||\" custom_padding=\"0px|0px|0px|0px|true|true\" global_colors_info=\"{}\"][\/et_pb_button][et_pb_button button_url=\"https:\/\/onboarding.factris.com\/nl\/sign-up\" button_text=\"Meteen beginnen\" button_alignment=\"center\" _builder_version=\"4.16\" _module_preset=\"default\" button_icon=\"$||divi||400\" button_icon_color=\"#353540\" button_on_hover=\"off\" custom_margin=\"||18px|||\" custom_padding=\"10px|40px|10px|25px|true|false\" global_colors_info=\"{}\" custom_padding__hover_enabled=\"on|hover\" custom_padding__hover=\"|50px|||true|false\"][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]","_et_gb_content_width":"","footnotes":""},"categories":[16],"tags":[],"yoast_head":"\nLegal payment term: everything you need to know | Factris<\/title>\n<meta name=\"description\" content=\"What is the legal payment term of an invoice? 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