HMRC increases interest rates on late tax payments

Davpet90907 Jul, 2022Finance

HMRC has endorsed it will increase interest rates on late tax payments by 0.25% after the Bank of England raised the base interest rate to 1%. This means that the late payment interest rate will rise to 3.75% from 5 July 2022. On 24th May the rate increased to 3.5%. This is the highest rate since the height of the economic problem in January 2009.