Question 1

Can I charge interest on late payments in Ireland?

Accepted Answer

Yes — under the EU Late Payment Directive, business-to-business invoices attract statutory interest at the ECB reference rate plus 8 percentage points from the day after the due date, plus fixed compensation of €40, €70 or €100 depending on the invoice size.

Question 2

What is the statutory late payment interest rate in the UK?

Accepted Answer

Statutory interest is 8% plus the Bank of England base rate, and you may also claim fixed compensation of £40, £70 or £100 per invoice depending on its size.

Late Payment Interest Calculator