Computes the statutory entitlement on a late-paid commercial debt under the
Late Payment of Commercial Debts (Interest) Act 1998: statutory interest at
8% above the Bank of England base rate, the fixed-sum compensation under
s.5A, and (optionally) reasonable recovery costs. Enter the debt, the date
interest began to run (the day after the agreed payment date, or 30 days
after the later of delivery/invoice where no date was agreed), and the date
to calculate up to.
Late Payment of Commercial Debts
Statutory interest, fixed-sum compensation and recovery costs under the Late Payment of Commercial Debts (Interest) Act 1998. For business-to-business debts.
Loading Bank of England base-rate data…
s.5A(2A): reasonable costs of recovery in excess of the fixed sum.