Late Payment Calculator
Calculate interest on late payments. Enter the amount owed, annual interest rate and number of days late.
UK statutory interest is often Bank of England base + 8%
Late payment calculator
Work out interest on late payments using simple interest (amount × annual rate × days/365). In the UK, late payment of commercial debt can attract statutory interest (typically Bank of England base rate plus 8%). Enter your amount, rate and days late to get the interest due.
Frequently Asked Questions
How is late payment interest calculated?
Using simple interest: amount × annual rate × (days / 365). In the UK, late payment of commercial debt can attract statutory interest (typically Bank of England base rate plus 8%).
What rate should I use for UK statutory interest?
UK statutory interest is often Bank of England base rate plus 8%. The calculator default is 8%; you can change it to match your agreed or statutory rate.
Is this calculator free?
Yes. Enter the amount owed, annual interest rate and number of days late to get the interest due. No registration required.
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<p>Calculator: <a href="https://onlinecalculator.co.uk/finance/late-payment-calculator" target="_blank">Late Payment Calculator</a> - OnlineCalculator.co.uk</p>APA Style Citation:
OnlineCalculator.co.uk. (2025). Late Payment Calculator. Retrieved from https://onlinecalculator.co.uk/finance/late-payment-calculatorNote: This calculator is free to use and reference. No permission required for educational or commercial citation.