I built a free late payment interest calculator. Most freelancers chase invoices without knowing the UK law that lets them add statutory interest.
The law
The Late Payment of Commercial Debts (Interest) Act 1998 gives UK freelancers:
- Interest: 8% above Bank of England base rate (~13% total)
- Compensation: 40 for under 1k, 70 for 1k-9,999, 100 over 10k
Applies automatically. No contract clause required.
The maths most people skip
A 5,000 invoice, 60 days overdue:
- Interest: 108.90
- Compensation: 70
- Total claimable: 178.90
Free calculator
https://landolio.com/tools/late-payment-interest-calculator
Enter invoice amount + due date. Get days overdue, interest, compensation, total, and a paste-ready paragraph for your chase email.
Have you ever charged late payment interest? Curious how many use this vs just knowing it exists.
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