Statutory Interest Calculator

 

Please enter debt details

Dates are inclusive

From:	(date of invoice)
To:
Terms:	(number of days before the bill is due)
Debt:	(this should include any VAT)

Dates must be like 2012/04/21 and the debt like 1234 or 1234.56

Privacy note: this system does not record any of the financial numbers that you enter above.

More information

• gov.uk — Late commercial payments
• Late Payment of Commercial Debts (Interest) Act 1998, commencement 7th August 2002, amended 2002, The Late Payment of Commercial Debts Regulations 2013
• The Late Payment of Commercial Debts (Rate of Interest) (No. 3) Order 2002, in particular interest shall be 8% over the Bank of England rate
• Other acts, including Scotland, of late payments
• Further background: https://payontime.co.uk/

What to put at the bottom of invoices

It is good to point out to your client the pay on time legislation, or remind them of it. Also your terms of business. Something like the following:

Terms: Immediate Payment
We understand and will exercise our statutory right to claim interest and compensation for debt recovery costs under the late payment legislation if we are not paid according to the agreed credit terms.
See: www.payontime.co.uk