Calculate exactly how much statutory interest and compensation you can claim on an overdue commercial invoice under UK law. Under the Late Payment of Commercial Debts (Interest) Act 1998, the statutory rate is 8% above the Bank of England base rate — currently 11.75% per annum. Fixed compensation ranges from £40 to £100 depending on the debt size.
Use our free calculator to work out the total owed including interest and compensation. Related tools: Letter Before Action Generator, Invoice Template Generator, VAT Bad Debt Relief Calculator.