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How to charge interest

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8 years 6 months ago #1879 by jayzee787
How to charge interest was created by jayzee787
Hi I am self employed and my client has not paid my invoice which was due on 6/9/15 how do I charge interest s
Dial weekly or monthly any help would be much appreciated

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7 years 11 months ago #1912 by james@cpa.co.uk
Replied by james@cpa.co.uk on topic Re: How to charge interest
Hi Jayzee,

To calculate interest, use the steps below.

Work out the yearly interest: take the amount you’re claiming and multiply it by 0.085 (ie 82%).

Work out the daily interest: divide your yearly interest from step 1 by 365 (the number of days in a year).

Work out the total amount of interest: multiply the daily interest from step 2 by the number of days the debt has been overdue.

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