Further increase to HMRC late payment interest!
Late payment interest rates will increase again in November because of a further hike in the Bank of England base rate. Will you be affected?
As HMRC’s late payment and repayment interest rates are linked to the base rate, they are also set to increase. From 14 November 2022 the following rates will apply:
- Late corporation tax paid quarterly – 4%
- Interest on overpaid corporation tax instalments – 2.75%
From 22 November, the rates for other taxes will apply:
- Late payment interest – 5.5%
- Interest on overpaid tax – 2%
If your 2021/22 tax return is outstanding you should calculate your tax liability as soon as possible to ensure you can meet the payment deadline, to avoid (or minimise) interest charges.
If you are looking for Fulham accountants or a tax advisor in London, get in touch! We are currently running a promotion until 1st December 2022.
£225 + VAT for a basic Self-Assessment Tax Return (usually £299 + VAT)
Offer is valid until 01.12.2022.
e: firstname.lastname@example.org t: 0203 137 9791
The Team at London Accountants