Late payment interest on invoices

For business customers, UK law (Late Payment of Commercial Debts (Interest) Act 1998) lets you charge interest at 8% a year above the Bank of England base rate on late invoices, plus fixed compensation of £40, £70 or £100. Ronove works this out for you once an invoice is more than 15 days overdue (you can change this), shows it on the invoice and can bill it as a separate invoice. Update the base rate in Operations settings when the Bank changes it.