Name: CrowAgent
Price: 149 GBP

Question 1

What statutory interest can I charge on overdue invoices?

Accepted Answer

Under the Late Payment of Commercial Debts (Interest) Act 1998 you can charge the Bank of England base rate plus 8 percentage points on any commercial debt that is past its due date. The calculator auto-populates the current BoE base rate so you always quote the correct headline rate.

Question 2

What is the £40 / £70 / £100 fixed compensation?

Accepted Answer

The Late Payment of Commercial Debts Regulations 2002 entitle you to fixed compensation in addition to interest: £40 if the overdue debt is less than £1,000, £70 if it is £1,000–£9,999.99, and £100 if it is £10,000 or more. The compensation is per invoice and is recoverable without going to court.

Question 3

Who can use this calculator?

Accepted Answer

Any UK business invoicing on B2B (commercial) credit terms can use the calculator. Statutory interest and compensation under the 1998 Act and 2002 Regulations apply to commercial transactions only, not consumer transactions.

Question 4

When does statutory interest start accruing?

Accepted Answer

Interest starts accruing the day after the agreed payment date passes (or 30 days after invoice if no specific date was agreed). The calculator assumes a default 30-day net term - adjust your DSO via the optional sub-flow for a more accurate estimate.

Question 5

I'm an accountant - what's in this for me?

Accepted Answer

Accountants can use this calculator client-by-client to demonstrate the cash-recovery upside of better credit control. After your first run we'll route you to our partner programme rather than the SME signup flow - partners earn revenue share on every CrowCash subscription they refer.