Late payment calculator
Work out the statutory interest and fixed compensation you're entitled to claim on an overdue commercial invoice.
Statutory interest
£20.96
Fixed compensation
£70.00
Total you can claim
£90.96
Under the Late Payment of Commercial Debts Act, you can charge statutory interest at 8% above the Bank of England base rate, plus fixed compensation of £40, £70 or £100 depending on the debt size. Check the current base rate before relying on this figure.
Keep the number — and the record behind it
TradeTally helps UK sole traders turn quotes, invoices and receipts into organised records that are ready when tax time comes around.