You sent the invoice… but the customer hasn’t paid. What now?
Late payment calculator
The amount of interest you can charge on late payment is defined by the contract you have with your client. If your contract contains a specific late payment clause that sets out an interest rate, then you must abide by that rate. If you don’t have a specific late payment clause, then the interest rate defaults to eight per cent plus the Bank of England base rate, also referred to as statutory interest. This calculator uses the reference rate as of 19 March 2020, which is 0.1%.
Chaser late payment calculator
The reference rate for interest as of 19 March 2020 is 0.1%. The statutory interest rate is 8.1% ( Reference rate + 8%).