Late payment interest calculator for UK invoices
Load your overdue invoices, and Latetally works out the statutory interest (8% plus the right Bank of England reference rate for each invoice) and the £40, £70 or £100 fixed compensation you can claim from each customer — exact to the penny, in your browser; nothing is uploaded.
How it works
- Export your overdue invoices — amount and due date — or use the template or the sample.
- Pick the date to calculate interest up to.
- Send the claim: interest, compensation and the total for each customer.
Why Latetally
For UK freelancers and small businesses chasing overdue invoices from other businesses. The law lets you add statutory interest — 8% plus the Bank of England reference rate — and £40, £70 or £100 fixed compensation per late invoice. Latetally works it out for your whole overdue list at once, with the right reference rate for each invoice.
Your whole ledger
Drop the aged debtors or invoice export from Xero, QuickBooks, FreeAgent or a spreadsheet: amount and due date per invoice.
The right reference rate
Bank Rate on 30 June or 31 December before the six months interest started, fixed for that invoice. The history is built in.
Daily simple interest
Days late × amount × rate ÷ 365, worked in whole pence, with the daily figure so you can keep it up to date.
Fixed compensation
£40 under £1,000, £70 up to £9,999.99 and £100 from £10,000 — once per invoice, including invoices already paid late.
Checks
Missing due dates, duplicates, invoices over six years old, reference rates not fixed yet and rows that couldn't be read.
A statement per customer
Pro writes a claim statement for each customer listing every invoice, rate, day count and total.
Simple pricing
Free for the totals per customer and every flag. Pro for every invoice, every what-if, a statement for each customer and the exports.
Free
- Any number of invoices
- Interest, compensation and claim per customer
- 3 what-ifs and 5 invoices shown, print with a footer
- No signup, nothing uploaded
7-day pass
- 7 days of Pro, no subscription
- Every invoice on screen and in print
- Every what-if
- Statements for each customer, Excel workbook and CSVs
Pro Yearly Best value
- Everything in Pro
- Every month this year
- Costs less than 6 months of monthly
One price per user — your customers don't need anything. Prices in USD. Secure checkout by Polar, our merchant of record (its checkout shows our seller name, Launchtools). Sales tax is added at checkout in the US, Canada and India; elsewhere VAT/GST is included. Already bought? Enter your license key.
Tools & guides
- Late payment interest calculator (UK)
- Statutory interest calculator for overdue invoices
- Late payment compensation: £40, £70 or £100
- How Statutory Late Payment Interest Works in the UK
- Bank of England Reference Rate for Late Payment Interest
- A late payment interest spreadsheet that picks the rate
- A Chaser alternative for the late payment maths
FAQ
Is my data uploaded?
No. Your files are read by JavaScript in your browser tab and never sent to us or anyone else. Invoices aren't stored, so closing the tab clears them. Your payment terms and compensation choice can be saved in this browser if you ask; your business name never is.
What rate does Latetally use?
8% plus the Bank of England reference rate. The reference rate is Bank Rate on 31 December (for interest starting January to June) or 30 June (July to December), and it stays fixed for that invoice. For example, an invoice due in August 2026 uses 3.75% from 30 June 2026, so 11.75% a year.
How is the interest worked out?
Simple interest, not compound: amount × annual rate × days late ÷ 365, from the day after the due date to the day it was paid (or the date you choose), rounded to the penny for each invoice.
How much compensation can I claim?
A fixed sum once per invoice: £40 if it's under £1,000, £70 if it's £1,000 to £9,999.99, and £100 if it's £10,000 or more. You can also claim reasonable extra recovery costs on top, which Latetally doesn't calculate.
When can't I claim statutory interest?
When your contract sets its own late payment interest rate, when the customer is a consumer rather than a business, or when the debt is too old (generally six years). Latetally flags old debts but can't read your contract.
What if there's no due date?
Where none was agreed, the default under the Act is 30 days after the later of the customer receiving the invoice or the goods or services. Latetally uses the invoice date plus your default terms (30 days unless you change it), and flags those invoices.
What's free?
Total interest, compensation and the claim per customer for any number of invoices, every flag, 3 what-ifs and 5 invoices on screen and in print (with a footer). Pro shows every invoice and every what-if and adds a statement for each customer, the Excel workbook and CSV exports.
Is this legal advice?
No. Latetally does the arithmetic from gov.uk's published rules on the invoices you enter. For disputes or court claims, take advice.