• Farrell & Farrell

HMRC to raise interest rates on late tax bills

As a result of the increase in the Bank of England base rate to 1% last week, HMRC has now confirmed that it will raise their interest rates on late tax bills by 0.25%. Therefore, this means that the late payment interest rate will increase from 3.25% to 3.5% from 24 May 2022.

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