Friday 3 February 2023

HMRC Interest Rates for Late Payments To Be Revised

 


The Bank of England Monetary Policy Committee announced on 2 February 2023 to increase the Bank of England base rate to 4% from 3.5%.

HMRC interest rates are linked to the Bank of England base rate.

As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase.

These changes will come into effect on:

  • 13 February 2023 for quarterly instalment payments
  • 21 February 2023 for non-quarterly instalments payments

Information on the interest rates for payments will be updated shortly.



Tax does have to be taxing.

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1 comment:

  1. Let's face it. You can't have enough Diversity Managers, Box Tickers, Non jobs, professional email forwarders and meeting attendees within HMRC.

    They'll be the only people in HMRC you can get to speak to on the f@@king phone!!

    You couldn't make this stuff up if you tried.

    https://order-order.com/2023/02/03/hmrc-spending-around-1-3-million-per-year-on-diversity-inclusion-tsars/

    ReplyDelete