Welcome to Statincalc ©

If you are a sole trader or small business with 50 or fewer employees and have customers who sometimes either do not pay you or otherwise pay you very late, then unless you have made full provision for interest and costs in your terms & conditions, you are likely to be entitled under UK law to interest and compensation (hereinafter "Statutory entitlements"). The Late Payment of Commercial Debts (Interest) Act 1998 and related legislation such as Statutory Instrument 2002 No. 1674 - The Late Payment of Commercial Debts Regulations 2002, provide for your Statutory entitlements. If you decide to invoke your rights to these then you must calculate the Statutory interest from the due date and compensation for non-payment based on the size of the debt.

Statincalc), is a spreadsheet entirely designed and written by a Chartered Accountant, in order to meet the demanding needs of anyone wishing to calculate Statutory entitlements. The built in formula automatically calculates both statutory interest and compensation for non-payment. The spreadsheet shows the results for each invoice entered and the totals for several invoices. Included is also the calculation for daily statutory interest; so although you calculate interest to a point in time, you can still advise your debtors that interest continues to accrue at the calculated daily amount until the debt is settled. Statincalc) is particularly useful for debt collectors and lawyers involved in litigation.

Remember you can claim your Statutory entitlements without going to Court, but if you do have to issue a County Court summons or a Statutory Demand then you should calculate your entitlements and claim these as well.

Statincalc) is comprehensive and accurate and saves you have to labouriously spend precious hours with a calculator calculating days between dates and determining the nuances of the Law. Equally as it is an Excel spreadsheet you can export the results or simply print out the results to support your claim.

In addition to the Statutory Interest calculator, included in Statincalc) are additional spreadsheets for three other common interest calculations; namely Contractual Interest, Fixed Interest and Variable Contractual Interest. The latter are not governed by Statute, but represent some of the common interest clauses found in commercial Terms & Conditions. So even if you are not entitled to Statutory Interest you may be entitled to interest under your Terms & conditions, and in that case perhaps one of the other spreadsheet calculators provided as part of Statincalc) may be applicable. Use on of these other spreadsheets only if your Terms match the criteria for the spreadsheet. See below for a summary of the calculators provided.

There are four interrest calculators provided.

  1. Statutory Interest. This calculator is for users wishing to calculate their Statutory entitlements under The Late Payment of Commercial debts (Interest) Act 1998 The calculator will calculate both interest and compensation for non-payment.

  2. Contractual Interest. This calculator is for users who have contractual terms for late payment which provide for a fixed percentage over and above the Bank of England base rate. If your contract refers to say Barclays Base rate rather than Bank of England, then the calculator is still applicable because Barclays always aligned its own base rate to that of the Bank of England.

  3. Fixed Interest. This calculator is only for users who have contractual terms for late payment which provide that a fixed rate of interest will apply for each month or part thereof that a debt is overdue. In this calculator month is defined as a calendar month.

  4. Variable Contractual. This calculator is for users with contractual terms applicable to late payment of debts that provide that a certain interest rate over base rate applies whilst the debt is under 90 days overdue, but that a different rate applies when the debt is more than 90 days and the rate applies from the due date of such debt.

System Requirements

To use this spreadsheet you will need a PC running Windows operating system, and a pre-installed version of Excel. Whilst the spreadsheet has been designed around Excel 2003, it should work well with earlier and later versions.

What you need

You need only the value of the invoice and the due date of the invoice. If you do not have an agreed credit period then for the purposes of the Act the statutory calculator will automatically add 30 days to the Invoice date to arrive at the due date. In this case you need only enter the Invoice date with a blank due date.

You can also claim your entitlements on invoices which have already been paid or part paid if such payments took place after the agreed credit period or the default period has expired. In this case you will also need to know the date the invoice or part thereof was settled.

Screen Shots

Days Between days

The image above shows the entry fields of Invoice date and due date and the invoice amount. Columns are also provided to indicate if the invoice is part-paid or fully paid. To the right we see the calculated days between due date and dates on which the statutory interest rate changed.

The image below shows the same spreadsheet but scrolled to the right to reveal the statutory interest calculated by period, the total statutory interest and compensation for non-payment. A summary of the results are also shown in a table.

Then for completness the calculator has also calculated the daily interest which continues to accrue per invoice, and the total daily interest accrual.

Statutory Interest


The writer of this program does not warrant your entitlement to Statutory or contractual interest and makes no representations and gives no warranty or guarantee as to the accuracy or applicability of these calculators. You use the calculators entirely at your risk.

Microsoft. software and Excel. are recognised trademarks and copyright of Microsoft.
Microsoft, Excel and Windows either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries.

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