Free tool · UK statutory interest
That late invoice is legally earning you interest. Claim it.
Under the Late Payment of Commercial Debts (Interest) Act 1998, UK businesses can charge overdue B2B invoices statutory interest at the Bank of England base rate plus 8%, plus fixed compensation of £40–£100 per invoice. Most never do — often just mentioning it gets an invoice paid.
Your invoice
Check the current rate at bankofengland.co.uk. Strictly, the statutory reference rate is the base rate in force on 31 December (for debts due 1 Jan–30 Jun) or 30 June (for debts due 1 Jul–31 Dec).
Interest accrued
£36.22
12.0% p.a. × 34 days (£1.07/day)
Fixed compensation
£70.00
set by debt size: £40 / £70 / £100
Total claimable on top
£106.22
interest + compensation
Total now payable
£3,346.22
invoice + interest + compensation
Paste this into your chasing email
Under the Late Payment of Commercial Debts (Interest) Act 1998, statutory interest of £36.22 has accrued on the invoice of £3,240.00, calculated at 12.0% per annum (the Bank of England base rate of 4.0% plus 8 percentage points) over 34 days since the due date. We are also entitled to fixed compensation of £70.00 under section 5A of the Act. The total amount now payable is £3,346.22.
Applies to B2B debts in the UK where no contractual interest rate substitutes for the statutory one. This is a calculator, not legal advice — for large or contested debts, speak to a solicitor.
How the interest works
Interest = invoice amount × (base rate + 8%) × days overdue ÷ 365. It accrues daily from the day after the due date until the debt is paid.
The fixed compensation
Per invoice, on top of interest: £40 for debts under £1,000, £70 from £1,000 to £9,999.99, and £100 for £10,000 or more. No court needed — it’s a statutory right.
Should you actually charge it?
Usually the threat is worth more than the money. A calm line in a chasing email — with the exact figure — moves payments up the pile without burning the relationship. That’s exactly the kind of judgement call ReplyChase drafts and you approve.
Waitlist
Chase without doing the chasing.
ReplyChase sends the escalations, reads the replies, and knows when to mention statutory interest — with you approving every send.