Late payment interest and EUR 40 claim sheet: ECB reference rate plus 8 points, 30 and 60-day payment limits (Late Payment Directive 2011/7/EU) for accountants, bookkeepers and their small business clients

Updated 28 Oct 2026 · Disclosure: the EURO AI Register mentioned below is an Unadhi product with a free edition. This guide is for information only, not legal advice.

Why accountants and bookkeepers should look at this now

• Year-end debtor reviews. Many clients close their books on 31 December. A list of late invoices with the interest and EUR 40 next to each one turns a vague "chase the debtors" into a number the client can decide on.
• The rate changes on 1 January. The ECB main refinancing rate was raised to 2.65% from 16 September 2026, after the 1 July date. If it is still 2.65% on 1 January 2027, the minimum statutory rate for January to June 2027 becomes 10.65%. Add that row to the rates tab once the 1 January rate is known.
• Clients often do not know the rules. No reminder is needed before interest starts (Article 3(1) and 4(1)), the EUR 40 is due as soon as interest becomes payable (Article 6(1) and (2)), and a contract term that excludes interest is grossly unfair (Article 7(2)).
• A proposal to replace the directive is still open. EUR-Lex lists the Commission's proposal for a regulation on combating late payment (COM(2023) 533, procedure 2023/0323/COD) as "Ongoing" today. Until something new is adopted and applies, the directive as transposed in each country is the rule.

Step 1: tab 1, rates (fill once, update every half-year)

Name the tab Rates. Columns: A half-year start, B half-year end, C reference rate %, D statutory rate % (formula =C2+8, filled down). The reference rate for each half-year is the ECB main refinancing operations rate in force on 1 January or 1 July (Article 2(7)(a) and Article 3(2)).

Rates in column C are the ECB fixed rate for main refinancing operations as shown on the ECB's key interest rates page today. Type only the number (3.15), not the % sign. Outside the euro area, use the equivalent rate set by your national central bank (Article 2(7)(b)). The directive sets "at least" eight points, and Member States may keep rules more favourable to the creditor (Article 12(3)); some countries add more points or publish their own rate, so check the rate your country publishes (Article 8(1) requires it to be made public). Rows before 2025 are not included: add them if a client has older debts.

Step 2: tab 2, invoices (one row per unpaid or late-paid invoice)

Due date formula for J2, then fill down. It uses the contract date if there is one; otherwise 30 days after the later of invoice receipt and receipt of the goods or services; and 30 days after the goods or services if the invoice receipt date is uncertain:

=IF(H2="","",IF(G2<>"",G2,IF(E2="",F2+30,MAX(E2,F2)+30)))

Interest formula for N2. It counts the late days that fall in each half-year of the Rates tab and applies that half-year's rate, as simple interest on 365 days:

=IF(OR(J2="",M2=0),0,ROUND(H2*SUMPRODUCT(((($L2+Rates!$B$2:$B$7-ABS($L2-Rates!$B$2:$B$7))/2-($K2+Rates!$A$2:$A$7+ABS($K2-Rates!$A$2:$A$7))/2+1)>0)*(($L2+Rates!$B$2:$B$7-ABS($L2-Rates!$B$2:$B$7))/2-($K2+Rates!$A$2:$A$7+ABS($K2-Rates!$A$2:$A$7))/2+1)*Rates!$D$2:$D$7/100/365),2))

Check formula for Q2:

=IF(H2="","",TRIM(IF(AND(C2="Business",G2<>"",G2-D2>60),"CHECK: CONTRACT TERM OVER 60 DAYS ","")&IF(AND(C2="Public authority",G2<>"",G2-MAX(E2,F2)>30),"CHECK: PUBLIC BUYER TERM OVER 30 DAYS ","")&IF(E2="","INVOICE RECEIPT DATE UNCERTAIN: DUE DATE FROM GOODS OR SERVICES ","")&IF(AND(I2="",M2>0),"STILL UNPAID: INTEREST RUNS TO TODAY","")))

Counting the payment day as a late day, using 365 days, measuring the contract term from the invoice date and the flag wording are our working rules, not the directive's. The directive says interest runs "from the day following" the due date and is simple interest; national law may set the day count, how the period ends and how the contract term is measured. A "CHECK" flag does not make a term invalid: a term over 60 days between businesses is allowed if expressly agreed and not grossly unfair (Article 3(5)), and a public buyer may agree up to 60 days if objectively justified (Article 4(6)). Your country may also allow 60 days for public undertakings and health bodies (Article 4(4)). Consumers are outside the directive.

Made-up example rows (not real invoices or companies)

INV-102 runs across two half-years: 32 days at 10.15% (30 May to 30 June 2026) and 45 days at 10.40% (1 July to 14 August 2026). The N2 formula splits this for you.

The EUR 40 in column O is the directive's minimum fixed sum. Our sheet adds it once per late invoice; how it applies to several invoices, and what extra recovery costs are "reasonable" (Article 6(3), for example a lawyer or a collection agency), depends on national law and courts. Check before you claim.

Step 3: tab 3, contract terms check (one row per customer contract or standard terms)

Article 7(1) lists what a court or authority weighs when deciding whether a term is grossly unfair: gross deviation from good commercial practice contrary to good faith and fair dealing, the nature of the product or service, and whether the debtor has an objective reason to deviate from the statutory rate, the payment periods or the EUR 40.

Claim letter (template)

Subject: Invoice [number] of [date]: late payment interest and recovery costs

Dear [name],

Our invoice [number] for EUR [amount incl. VAT] was due on [due date] and was [paid on [date] / is still unpaid]. Under [national law transposing Directive 2011/7/EU], interest for late payment is due without a reminder from the day after the due date at [rate]% a year, which comes to EUR [interest] for [days] days. We are also entitled to a fixed sum of EUR 40 for our recovery costs.

Please pay EUR [total] to [IBAN] by [date], quoting [reference].

Kind regards,
[name, company]

The template wording is ours. Replace the brackets and name your national law. Many clients choose to waive interest for a good customer; the sheet shows what is being waived.

Related free sheets: EU VAT invoice details checklist · invoice deadline for cross-border supplies · ViDA e-invoicing readiness sheet · payment reminder templates.

AI tools that chase invoices

If the client uses an AI tool to draft payment reminders, predict who will pay late or rank customers, list it in the EURO AI Register free edition. It runs in your browser with no account and no upload, covers your first 10 AI systems and 10 evidence records, the screening questions, duties by role with dates, and a printable Article 4 AI-literacy record. Attach this sheet as the evidence record for the credit control process.

When you need more than 10 systems, the EURO AI Register membership starts at $19 a month and adds unlimited systems, rule updates and email help. Neither tool is legal advice or proof of compliance.

Partner programme opening soon

Partner programme opening soon: join the free waitlist. Planned terms are 50% of each referred sale (75% once you have 5+ paying customers), single level, paid through Gumroad only from revenue received.

National law

The Late Payment Directive had to be transposed by 16 March 2013 (Article 12(1)), so each country applies it through its own law, which may be more favourable to the creditor (Article 12(3)) and may exclude debts in insolvency proceedings (Article 1(3)). Rates, day counts, recovery cost rules and court procedures differ. Check your national law and the statutory rate your country publishes. For unchallenged debts the directive requires that an enforceable title can normally be obtained within 90 calendar days of lodging the claim (Article 10(1)). This page covers the EU texts as we read them today.

Frequently asked questions

What is the EU statutory late payment interest rate for the second half of 2026?

In the euro area, at least 10.40% a year: the ECB main refinancing rate in force on 1 July 2026 (2.40%) plus eight percentage points. Your country may publish a higher rate, and countries outside the euro area use their national central bank rate.

Do I have to send a reminder before charging interest?

No. The directive says the creditor is entitled to interest for late payment without the necessity of a reminder, if it has fulfilled its obligations and has not received the amount due on time, unless the debtor is not responsible for the delay (Articles 3(1) and 4(1)).

Is interest charged on the amount including VAT?

Yes. The "amount due" includes the applicable taxes, duties, levies or charges specified in the invoice (Article 2(8)).

Sources

• Directive 2011/7/EU of 16 February 2011 on combating late payment in commercial transactions (OJ L 48, 23.2.2011): Articles 1-10 and 12 — eur-lex.europa.eu, CELEX 32011L0007 (read 28 Oct 2026)
• European Central Bank, Key ECB interest rates (main refinancing operations, fixed rate: 3.15 from 18 Dec 2024, 2.15 from 11 Jun 2025, 2.40 from 17 Jun 2026, 2.65 from 16 Sep 2026) — ecb.europa.eu (read 28 Oct 2026)
• European Commission, Proposal for a Regulation on combating late payment in commercial transactions, COM(2023) 533, procedure 2023/0323/COD, status "Ongoing" — eur-lex.europa.eu, CELEX 52023PC0533 (read 28 Oct 2026)

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