Calculate statutory interest (Bank of England base rate + 8%) and fixed compensation (£40, £70, or £100 per overdue invoice) under the Late Payment of Commercial Debts Act.
Statutory rate = Base Rate + 8.00% = 12.75% / year.
STATUTORY DEMAND FOR PAYMENT UNDER THE LATE PAYMENT OF COMMERCIAL DEBTS (INTEREST) ACT 1998 Outstanding Invoice Principal: £4'500 Days Overdue: 45 days Statutory Interest Rate: 12.75% per annum (BoE Base Rate 4.75% + 8.00%) Accrued Statutory Daily Interest: £70,74 Statutory Compensation Fee: £70 TOTAL AMOUNT DUE IMMEDIATELY: £4'640,74
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, or legal advice. Actual HMRC tax bands, National Insurance contributions, Bank of England base rates, and lender criteria may vary. Calconova explicitly disclaims all liability for any decisions taken based upon these calculations. Consult a qualified financial advisor, CPA, or official HMRC documentation prior to executing financial commitments.
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