HMRC interest rates for late payments have been revised
On 22 September, the Bank of England increased the base interest rate from 1.75% to 2.25%. As a result of this, it meant that the HMRC interest rates also needed to increase.
The changes came into effect from:
- 3 October 2022 for quarterly instalment payments
- 11 October 2022 for non-quarterly instalments payments
HMRC interest rates are set in legislation, so they are linked to the base rate.
Read more here.
For more information on this, please contact Alan Rolfe on 023 8046 1235.