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Work out the statutory interest and compensation you’re owed on overdue invoices — under the Late Payment of Commercial Debts (Interest) Act.
Use the base rate on 31 Dec (for Jan–Jun) or 30 Jun (for Jul–Dec).
Days overdue
0
Statutory interest rate
0.00%
8% + 0.00% base rate
Total you can claim
invoice + interest + compensation
£0.00
Statutory interest and compensation apply to business-to-business (commercial) debts under the Late Payment of Commercial Debts (Interest) Act 1998, unless your contract sets a different rate. Interest accrues daily from the day after payment was due. Figures are an estimate — check the exact Bank of England base rate for the relevant period.
If another business pays you late, you have a statutory right to claim interest and a fixed sum on top of the debt.
Statutory interest is 8% above the Bank of England base rate, accruing daily from the day after the payment was due.
A fixed sum on top of interest: £40 for debts under £1,000, £70 for £1,000–£9,999.99, and £100 for £10,000 or more.
Use the base rate on 31 December for interest running Jan–Jun, or 30 June for Jul–Dec.
Yes. For commercial (business-to-business) debts you have a statutory right to charge interest under the Late Payment of Commercial Debts (Interest) Act 1998, unless your contract specifies a different rate.
Statutory interest is 8% above the Bank of England base rate. It accrues daily from the day after the payment was due until the debt is paid.
On top of interest you can claim a fixed sum for debt recovery costs: £40 for debts under £1,000, £70 for £1,000 to £9,999.99, and £100 for debts of £10,000 or more. You can also claim reasonable recovery costs above this if they were higher.
No. Statutory late payment interest and compensation apply to commercial transactions between businesses, not to debts owed by consumers.
Neetrix sends automatic payment reminders, tracks every overdue invoice, and keeps your accounting in one place — so you get paid faster without the awkward phone calls.