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MISSED OUT ON
COMPENSATION?
COMPENSATION
& ADDITIONAL INTEREST
Did you know that even if an invoice has been paid in full, you may still be entitled to claim compensation and additional interest?
Late payment entitlement
If payment was received after the invoice due date, you could claim between £40 and £100 in compensation per invoice, plus statutory interest, by issuing a Late Payment Demand. It is worth reviewing old invoices to check which were paid late and whether you claimed what you were owed.
Can I Claim After the Debt Has Been Paid?
Yes. You can claim interest and compensation on any invoice that was not paid within the credit period, even if it has since been paid in full. Interest runs from the date the invoice should have been paid to the date it actually was paid. In most cases, you have up to six years to make a claim.
How do I work out what I’m
Owed?
The interest you can charge on a late business-to-business payment is statutory interest: 8% above the Bank of England base rate. You cannot claim statutory interest if your contract already specifies a different rate that provides a substantial remedy.
FAQs
Yes, if the invoice was paid late and the claim qualifies.
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In many cases, the limitation period is up to six years.
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