The statutory interest that you can charge a business for late payment is 8% plus the Bank of England base rate, which is currently 0.1%.
Here are the steps to calculate the interest you’re owed:
You can claim interest on each separate invoice, so if a business owes you commercial payment across multiple invoices you can claim more compensation:
Additional reasonable costs for debt recovery can be claimed if the costs of debt recovery are not met by the compensation.
Answer a few simple questions about your debt, it should only take 30 seconds.
Find out exactly how much you are entitled to claim and the cost for recovery.
Send us your overdue invoices and supporting documentation and we will action your case within 1 hour.