# UK Statutory Interest Calculator MCP for AI Agents AI Agent Connect > UK Statutory Interest Calculator helps you figure out exactly how much to charge a UK client who paid a commercial invoice late. It handles the math for the Late Payment of Commercial Debts Act 1998, including the Bank of England base rate plus 8 percent. It also calculates the fixed compensation fees required by law based on the size of the debt. ## Overview - **Category:** finance - **Price:** Free - **Endpoint:** https://edge.vinkius.com/vk_preview_RzW0AQi2Ls0yIsGOmSxib5j6o39iKqT6fYiocgJw/ai-agent-connect - **Tags:** uk-law, late-payment, interest-calculation, statutory-interest, debt-recovery ## Description The UK Statutory Interest Calculator provides tools to determine recoverable costs under the UK's Late Payment of Commercial Debts Act 1998. It handles the math for late commercial payments by calculating statutory interest and fixed compensation fees based on the debt size. Instead of digging through legislation or using a messy spreadsheet, you can just tell your agent the debt amount and the due date. It handles the heavy lifting and gives you a clear breakdown of what's owed. Because it's part of the Vinkius catalog, you can plug it into your existing workflow and get consistent, legally-aligned figures every time you're chasing a payment. It's about getting paid what you're owed without the friction of manual calculation. ## Tools ### accrued_interest This tool calculates the statutory interest based on the Bank of England base rate plus 8 percent. It tells you exactly how much interest has piled up. ### compensation_fee This tool calculates the fixed fee required by the Late Payment of Commercial Debts Act 1998. It looks at the debt size to give you the right amount. ### total_claim_summary Use this to get a full breakdown of the entire claim. It combines the principal, interest, and fees into one final number. ## Prompt Examples **Prompt:** ``` A client owes me £1,200 from an invoice due on 2024-05-10. What's the total they owe me now? ``` **Response:** ``` The total claim for a £1,200 debt due on 2024-05-10 is **£1,315.40**. Here is the breakdown: * **Principal:** £1,200.00 * **Accrued Interest:** £82.40 (based on Bank of England base rate + 8%) * **Fixed Compensation:** £33.00 *Note: This calculation follows the UK Late Payment of Commercial Debts Act 1998.* ``` **Prompt:** ``` How much compensation is owed for a late payment of £25,000? ``` **Response:** ``` For a debt of £25,000, the fixed statutory compensation fee is **£100**. This is the maximum fee allowed under the Late Payment of Commercial Debts Act 1998. ``` **Prompt:** ``` I have a debt of £500 that's been late since 2023-01-01. How much interest is that? ``` **Response:** ``` The statutory interest accrued on a £500 debt since 2023-01-01 is **£142.50**. This is calculated using the Bank of England base rate plus the additional 8 percent required by law. ``` ## Capabilities ### Calculate fixed compensation fees Get the exact fee owed based on the debt amount and UK law. ### Sum up total debt claims Combine the principal, interest, and fees into one final number. ### Calculate accrued statutory interest Find the exact interest amount based on the current Bank of England rate. ## Use Cases ### Unpaid Invoice A client owes £2,000 but hasn't paid in 3 months. Ask your agent for the total claim. ### Large Corporate Debt A company owes £50,000. Use the tool to find the high-tier compensation fee. ### Small Business Recovery A local shop wants to know the interest on a £500 late payment. Get the answer instantly. ### Batch Auditing Check several late invoices at once to see the total interest owed across a project. ## Benefits - Stop guessing on interest rates. accrued_interest uses the correct Bank of England base rate plus 8 percent automatically. - Get the right compensation fees every time. compensation_fee ensures you're following the Late Payment of Commercial Debts Act 1998. - Save hours on manual spreadsheets. total_claim_summary does all the math in one go so you don't have to. - Stay legally compliant. The Connector uses the specific rules for UK commercial debt recovery to keep your claims valid. - Faster debt recovery. You can get a full claim summary instantly, which helps you get paid sooner. ## How It Works The bottom line is you get a legally accurate debt summary in seconds. 1. Provide the principal amount and the original due date of the unpaid invoice. 2. The Connector looks up the current base rate and calculates the 8 percent statutory interest. 3. You get a full summary of the total claim value and the specific fees. ## Frequently Asked Questions **What does the UK Statutory Interest Calculator do?** It calculates the interest and fees you can charge a UK client for late commercial payments. It follows the Late Payment of Commercial Debts Act 1998 to ensure your claims are accurate. **Is this for consumer debts or commercial debts?** This is specifically for commercial debts. It applies to businesses paying other businesses. Consumer debt rules are different and are not covered by this Connector. **How does it calculate the interest?** It takes the current Bank of England base rate and adds 8 percent. This is the standard statutory rate for late commercial payments in the UK. **Does it include the fixed compensation fee?** Yes, it calculates the fixed fee based on the size of the debt. This is a required payment for late commercial invoices in the UK. **Can I use this for non-UK businesses?** No, this tool is specifically for UK law. If you are dealing with debts in the US, EU, or elsewhere, you would need a tool that follows those specific local regulations. **How do I get the total amount owed?** Just ask your agent for a summary of the claim. It will combine the original debt, the interest, and the compensation fee into one final total for you. **Is the math always up to date?** Yes, the Connector uses the current Bank of England base rate, so your calculations stay accurate without you having to check for updates manually. **How is the interest rate calculated?** The rate is determined by taking the Bank of England base rate applicable during each period and adding a fixed margin of 8%. **What is the compensation fee?** The fixed compensation amount depends on the debt size: £40 for debts up to £1,000, £70 for debts up to £10,000, and £100 for anything above. **Which tool should I use for a full breakdown?** You should use the `total_claim_summary` tool to get the interest, compensation, and total claim value in one response.