data tool
Late payment interest calculator for Ireland
Under Ireland's late payment regulations, a business owed money by another business can charge interest at the ECB main refinancing rate plus 8 percentage points, using the rate set before 1 January and 1 July for each half year, plus fixed compensation of €40, €70 or €100. With no agreed date, payment is due 30 days after the invoice is received.
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- No watermark, no file limit
How it works
- 1
Enter the debt
Type the invoice amount still owed.
- 2
Enter the due date
Type the agreed due date and tick the box, or type the date the invoice was received and leave it unticked so 30 days are added.
- 3
Enter the payment date
Type the date paid, or leave today's date.
- 4
Read the claim
The tiles show days late, interest, compensation and the total, with the interest for each half year listed below.
ECB plus 8, set twice a year
Regulation 5 of the European Communities (Late Payment in Commercial Transactions) Regulations 2012 sets statutory interest at the rate the European Central Bank applied to its most recent main refinancing operation before 1 January and 1 July each year, plus 8 percentage points. The rate in force on 1 January applies from then until 30 June, and the rate in force on 1 July until 31 December. A debt that is late across 1 July is charged at two rates, which is why the calculator lists the interest for each half year it crosses.
The rates behind the table
The ECB's table shows the main refinancing rate at 3.15% from 18 December 2024, 2.15% from 11 June 2025, 2.40% from 17 June 2026 and 2.65% from 16 September 2026. So the reference rate was 3.15% for the first half of 2025, 2.15% for the second half of 2025 and the first half of 2026, and 2.40% for the second half of 2026, giving statutory rates of 11.15%, 10.15% and 10.40%. The September 2026 rise applies from 1 January 2027 only if the rate is still in force then.
A debt across two half years
Take a €10,000 invoice due on 20 June 2026 and paid on 10 July 2026. Interest runs from 21 June: 10 days to 30 June at 10.15% and 10 days from 1 July at 10.40%. That is about €27.81 plus €28.49, so €56.30 of interest, plus €70 compensation because the debt is over €1,000 but not over €10,000. The listed lines under the tiles show each half year's share, so the claim can be checked against the regulations line by line.
The default 30 day payment period
When the contract sets no payment date, payment between businesses is due 30 days after the purchaser receives the invoice, or after receiving the goods or services if that is later or the invoice date is uncertain. Parties can agree up to 60 days, and longer only if it is expressly agreed and not grossly unfair to the supplier. Public authorities must pay within 30 days. The calculator adds 30 days to the date you type unless you tick that it is an agreed due date.
Compensation on each invoice
The Schedule to the regulations sets compensation for the cost of recovery: €40 for a debt not exceeding €1,000, €70 for a debt over €1,000 but not over €10,000, and €100 for a debt over €10,000. It is due without a reminder once interest becomes payable, and a supplier may also claim reasonable recovery costs above it. The calculator adds the band that fits the amount typed.
Putting it in a reminder
A reminder that states the regulations, the rate, the date interest started and the amount so far gets paid sooner than a polite nudge. Invoices sent from the proposals module can carry reminder presets that go out after the due date, and a formal demand letter with these figures can be written by the AI document generator.
Limits
- Law checked on 21 October 2026 against S.I. No. 580 of 2012 and the ECB's key interest rate table. This is arithmetic, not legal advice.
- Reference rates on file: 3.15% for January to June 2025, 2.15% for July 2025 to June 2026, and 2.40% for July to December 2026, each plus 8 points.
- Commercial transactions only; the public authority payment terms are noted but not modelled separately.
- Simple interest over 365 days; no reasonable recovery costs beyond the fixed compensation.
What it does not do
- It does not send the reminder.
- It does not track part payments.
- It does not store the invoice details.
Questions people ask
What is the late payment interest rate in Ireland?
The ECB main refinancing rate in force before the start of the half year, plus 8 percentage points. For the second half of 2026 that is 2.40% plus 8, so 10.40% a year; for the first half of 2026 it was 10.15%.
When does interest start if no date was agreed?
Thirty days after the purchaser receives the invoice, or after receiving the goods or services if that is later. Interest then runs from the day after that date until payment, without the supplier having to send a reminder first. Ticking the agreed date box skips the 30 days.
Can I charge compensation on each invoice?
Yes. The fixed compensation of €40, €70 or €100 applies to each late payment, set by the size of that debt. It is in addition to the interest, and reasonable recovery costs above it can also be claimed where they are higher.
Does a contract rate replace statutory interest?
A contract can agree a different rate, but terms that exclude interest or compensation, or are grossly unfair to the supplier, are not enforceable. Where the contract says nothing about interest, the statutory rate applies automatically. The calculator applies the statutory rate only.
Do the regulations cover consumers?
No. They apply to commercial transactions between businesses and between businesses and public authorities. Late payments by consumers fall under the consumer contract and general law, not these regulations. Interest on a consumer's late payment depends on the contract's terms, which must be fair under consumer law, or on a court's order once proceedings are issued, so this calculator does not apply to it.
Is the interest simple or compound?
Simple. The calculator applies the annual rate for each half year to the debt and divides by 365 for each day late. Interest is not added to the debt and charged interest again, which keeps the claim straightforward to check.
Write the payment demand
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Background reading: the question page on this.
Written and checked by the OneCraft team. Last checked .