How to Calculate Contractual Interest Using the Bank of England Base Rate (UK) Many loan agreements, director’s loan accounts, shareholder agreements and commercial contracts specify that interest will accrue at the Bank of England base rate plus an agreed margin, compounded daily. Calculating this accurately – especially over long periods […]
Late Payment Act 1998
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How to Calculate Statutory Late Payment Interest on Overdue Invoices (UK) If a business owes you money and has missed the payment deadline, UK law gives you the right to charge statutory interest on the outstanding amount. Many freelancers, contractors and small business owners either don’t know this right exists […]