I see that the furore over HMRC raising interest rates on overdue tax to 3% won't die down.Both the Independent and Guardian have published pieces about it in the last few days.
Clive Gawthorpe, a partner at UHY Hacker Young, said:
"This is simply about HMRC clawing more money from taxpayers because of the desperate state of the public finances.
The rate charged by HMRC on late payment will be six times higher than the Bank of England base rate for most taxes.
Banks found it difficult to justify this kind of behaviour and have faced accusations of usury from the Government itself.
Why not harmonise the rate at 1.5 per cent charged for some corporation tax?
That would seem reasonable in view of the current base rate."
Doubtless our very bankrupt government will listen...LOL!
Tax does have to be taxing.
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