The Late Payment Invoice Template is essential when dealing with overdue commercial payments in England and Wales. It should be used when an original invoice remains unpaid beyond its due date, enabling the creditor to claim both the original amount and statutory interest (currently 8% plus Bank of England base rate). The template ensures compliance with the Late Payment of Commercial Debts (Interest) Act 1998 and includes all required elements: original invoice details, interest calculations, statutory compensation notices, and payment instructions. It's particularly valuable for maintaining cash flow and encouraging prompt payment practices.
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1. Invoice Header: Company details, invoice number, date, and required company information per Companies Act 2006
2. Client Information: Recipient's business or individual details including name, address, and any reference numbers
3. Original Invoice Details: Reference to original invoice number, issue date, amount due, and original payment terms
4. Late Payment Calculation: Number of days overdue, statutory interest rate calculation (8% + BoE base rate), and total amount now due
5. Payment Instructions: Bank details, accepted payment methods, and deadline for payment of the late payment invoice
1. Statutory Compensation Notice: For B2B transactions only - fixed sum compensation (£40-£100 depending on debt size) as per Late Payment Regulations 2013
2. VAT Breakdown: Detailed VAT calculations and tax point information, required if original invoice included VAT
3. Payment Plan Options: Optional section offering installment payment arrangements for the outstanding amount
4. Data Protection Notice: Required when dealing with personal data, outlining compliance with UK GDPR and Data Protection Act 2018
1. Schedule 1 - Original Invoice: Copy of the original unpaid invoice being referenced
2. Schedule 2 - Interest Calculation Schedule: Detailed breakdown showing how statutory interest has been calculated
3. Schedule 3 - Payment History: Record of any partial payments made and remaining balance
4. Schedule 4 - Statutory Requirements: Reference to relevant sections of Late Payment of Commercial Debts (Interest) Act 1998 and associated regulations
Relevant legal definitions
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