HMRC has been accused of imposing an unfair interest rate rise on late payments while the rate paid when it refunds miscalculated and overpaid tax has remained frozen at just 0.5%. Interest on late payments will increase from 2.75% to 3% following the Bank of England’s rate rise earlier this month. Meanwhile, an estimated 2.3m taxpayers missed the self-assessment tax returns deadline and now will now be accruing interest on the outstanding balances.

If you would any advice about your tax, please contact us. You can call us on 0115 928 3228 or email info@coalesco.co.uk.