This video breaks down:
The Late Payment of Commercial Debts (Interest) Act 1998 that governs all B2B late payments.
Why UK law specifically limits interest to Bank of England base rate + 8% per annum.
How to use Paidnice to calculate statutory interest correctly (including daily rate calculations).
The fixed compensation you can legally charge (£40, £70, or £100 based on invoice value).
When the statutory payment terms apply if you haven't specified terms.
We also demonstrate how Paidnice automatically handles all UK compliance requirements by:
Tracking Bank of England base rate changes automatically.
Calculating the exact statutory interest amounts down to the day.
Applying the correct fixed compensation amounts based on invoice value.
Generating compliant documentation for all late fee charges.
Providing full audit trails for any applied late fees.