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- The debt of £1 was due on 21/Sept/2025 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: 21/Sept/2025
- Invoice value: £1
- Reference rate for interest (on 21/Sept/2025): 4.75%.
- Statutory interest rate: 12.75% (4.75% base rate plus 8%)
- Debt: £1.
- Annual interest: £1 x 12.75% = £0.13 .
- Daily interest: £0.13 / 365 = £0 .
- Days overdue: 30.
- Interest due: £0.01.