What this does
When a customer pays late you may be able to charge interest, and sometimes a fixed fee. Enter the invoice, its due date and the date it was paid (or today), and this adds up what is now owed.
The UK rules
In the UK, business-to-business invoices carry a right to statutory interest of 8% a year above the Bank of England base rate, plus a fixed fee: £40 for debts under £1,000, £70 from £1,000 to £9,999.99, and £100 for £10,000 or more. Choose that option and enter the current base rate. Other countries have their own rules, so use your own rate.
Questions people ask
How is the interest worked out?
Simple interest: the amount, times the yearly rate, times the days late, divided by 365.
Can I charge interest if my invoice does not mention it?
It depends on your contract and where you are. In the UK the statutory right applies to many business invoices even if the invoice is silent. Check the rules for your country and your terms.
Is this legal advice?
No. It is a calculator. Check your contract and local law before you charge.
Is anything I type sent to a server?
No. The document is made inside your browser. Your business details and the last document are remembered on this device only, so you do not have to retype them, and you can wipe them with the link under the preview.
Also here: Invoice Generator · Freelance Day Rate Calculator · VAT / GST Calculator · Payment Reminder Email Templates