Following the increase in the base rate announced by the Bank of England last week, HMRC has confirmed changes to payment interest rates are due to come into force
HMRC has increased the current late payment interest rate applied to the main taxes and duties to 2.75% from 2.60% effective from 4 January 2022. This is the first increase since March 2020 when the first lockdown saw rates cut.
It has confirmed that the repayment interest rate of 0.5% will remain unchanged.
The corporation tax pay and file interest rate has also been increased in line with general interest rate to 2.75% from 4 January.
The rise affects all other HMRC late payment rates with an across the board increase of 0.15% to 2.75%.
The exception is interest charged on underpaid quarterly instalment payments which increases to 1.25% from 27 December 2021.
If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We, at Naail & Co, are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.
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