The Bank of England Monetary Policy Committee announced an increase to The Bank of England base rate from 5% to 5.25% today.
HMRC interest rates are linked to the Bank of England base rate, consequently, HMRC late payment interest fees will rise by the same increase.
HMRC late payment interest is set at the base rate, plus 2.5%. This means that the new late payment interest rate will be set at 7.75%
These changes will take effect from:
- 14th August 2023 for quarterly instalment payments
- 22nd August 2023 for non quarterly instalment payments
In order to avoid these charges, we advise all our clients to pay their liabilities in good time, as per our notifications.
