HMRC has revised interest rates with late payment bills charged 6.75% from 13 April, the highest level since January 2008
The late payment and repayment interest rates follow the rise in the Bank of England base rate to 4.25% on 23 March and are applied to the main taxes and duties that HMRC currently charges and pays interest. The rates will rise to:
This means that the late payment interest rate will increase by 0.25% to 6.75% from 13 April. This is the highest rate since the start of the financial crisis in November 2008. The previous increase to the rate was to 6.5% on 21 February.
Late payment interest is payable on late tax bills covering income tax, National Insurance contributions, capital gain tax, stamp duty land tax, stamp duty and stamp duty reserve tax. The corporation tax pay and file rate also increases to 6.75%.
If you would like to discuss how this will affect your business, please get in touch with us by calling 0115 928 3228 or by emailing info@coalesco.co.uk