The debt of £1 was due on
06/Jun/2020 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: 06/Jun/2020
Invoice value: £1
Reference rate for interest (on 06/Jun/2020): 0.75%.
Statutory interest rate: 8.75%
(0.75% base rate plus 8%)
Debt: £1.
Annual interest : £1 x 8.75% = £0.09.
Daily interest: £0.09 / 365 = £0
Days overdue: 30.
Interest due: £0.01.