Following the increase in the Bank of England base rate to 0.75% from 2 August 2018, HMRC has announced an increase in the rates of interest on late paid tax.
The rates of interest for late payment will increase from 3.00% to 3.25% from 21 August 2018.
The exception is quarterly instalment payments of corporation tax, for which the rate rises from 1.50% to 1.75% from 13 August 2018.
Repayment interest remains unchanged at 0.5%.
Tax does have to be taxing.
Professional Cover Against the Threat of Costly TAX and VAT Investigations
Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.
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However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.
What is Solar Tax Investigation Insurance?
Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.
To find out more, please use this link Solar Tax Investigation Insurance
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