The debt of £1 was due on
16/Feb/2010 and is now
30 days overdue.
You are entitled to charge £0.01 in interest under the
Late Payment of Commercial Debts [Interest] Act 1998 as amended and supplemented by the
Late Payment of Commercial Debts Regulations 2002.
Calculation details
Date payment became overdue: 16/Feb/2010
Invoice value: £1
Reference rate for interest (on 16/Feb/2010): 0.5%.
Statutory interest rate: 8.5%
(0.5% base rate plus 8%)
Debt: £1.
Annual interest : £1 x 8.5% = £0.08.
Daily interest: £0.08 / 365 = £0
Days overdue: 30.
Interest due: £0.01.