LatePay Tools

Ireland Late Payment Interest Calculator (10.15% from 1 July 2025)

Calculate statutory late payment interest owed on an overdue invoice.

How it works

  • The statutory late payment interest rate in Ireland is calculated as the ECB refinancing rate + 8% margin.
  • The current rate is 10.15% per annum, effective from 1 July 2025.
  • Interest is calculated on a daily basis using the formula:
Interest = (Annual Rate / 365) × Days Late × Invoice Amount
  • If the payment date is on or before the due date, no interest is owed.

Example

Example: An invoice of €1,000 was due on 1 January 2025 and paid on 15 January 2025.

  • Days late: 14 days
  • Daily rate: 0.027808%
  • Interest owed: €3.89
  • Total owed: €1003.89

Frequently Asked Questions

When does late payment interest apply?

Late payment interest applies when payment is received after the agreed due date on the invoice.

Is this rate mandatory?

Yes, this is the statutory rate set by Irish law. Parties cannot agree to a lower rate, though they may agree to a higher rate.

How often does the rate change?

The rate is reviewed and updated periodically based on the ECB refinancing rate. The current rate of 10.15% is effective from 1 July 2025.

Does this apply to consumers?

The statutory late payment interest rate primarily applies to commercial transactions between businesses (B2B). Consumer transactions are typically governed by different regulations. This calculator is designed for business-to-business invoice scenarios.

This calculator is for informational purposes only and does not constitute legal or financial advice. Please consult with a qualified professional for specific guidance on late payment interest claims.

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Source: Irish Government - Department of Enterprise, Trade and Employment - Late Payment Interest Rate

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