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FAQ for UK, NI and Ireland late payment
Short answers on statutory interest, compensation, and SortedPay pricing. Calculators stay free. Operated by Lucro Limited.
What is the UK statutory interest rate for late commercial invoices?
In the UK (and Northern Ireland under the same late payment rules for commercial debts), statutory interest is the Bank of England base rate plus 8%. SortedPay calculators use that formula so you can estimate what a late invoice may carry.
What is the Ireland (ROI) late payment interest rate?
In the Republic of Ireland, late payment interest for commercial transactions is the European Central Bank rate plus 8 percentage points. Use the Ireland calculator on SortedPay to estimate interest on a late invoice.
What compensation can I claim on a late commercial invoice?
UK and Northern Ireland commercial late payment rules also allow fixed compensation by debt size: £40 for debts under £1,000, £70 for £1,000 to £9,999.99, and £100 for £10,000 or more. Ireland has its own late payment compensation rules for commercial transactions. SortedPay estimates help you check the numbers. This is not legal advice.
How much is SortedPay Pro?
SortedPay Pro is €15 per month or €150 per year. Invoice calculators stay €0. There is no percentage of your invoices. SortedPay is operated by Lucro Limited (Ireland).
Try the free calculators or see Pricing.