Enter the overdue invoice, the Bank of England base rate that applies, and the days overdue.
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Under the Late Payment of Commercial Debts (Interest) Act 1998, businesses can claim statutory interest on overdue B2B invoices at 8% above the Bank of England base rate, plus fixed compensation of £40 for debts under £1,000, £70 for £1,000 to £9,999.99, and £100 for £10,000 or more. Use the base rate in force on the relevant date; it changes, so check the Bank of England. This is a general guide, not legal advice, and your contract terms may differ.
8% plus the Bank of England base rate, applied as simple interest to the overdue amount.
£40 if the debt is under £1,000, £70 if it is £1,000 to £9,999.99, and £100 if it is £10,000 or more, per invoice.
No. It covers business-to-business and public sector contracts for goods and services.