top of page
  • Farrell & Farrell

UK - HMRC late payment & repayment interest rates to increase again from 22 May 2023

As HMRC interest rates are linked to the Bank of England base rate, the increase from 4.25% to 4.5% last week has triggered another increase in rates for late payments and repayment of tax.

HMRC’s late payment interest rates will increase with effect from 22 May 2023 as follows: -

1. Late payment interest rate — 6.75% increasing to 7%

2. Repayment interest rate — 3.25% increasing to 3.5%

In January 2022 the HMRC late payment interest rate was 2.75% - therefore there has been a 155% rate increase over the last 1 ½ years!

#bankofengland | #interestrates | #hmrc | #accountants | #crossborder | #tax | #taxspecialists | #newryandmourne | #northernireland | #taxadvisors | #farrellandfarrell

4 views0 comments

Recent Posts

See All

As if closing the HMRC phones for 3 months in the summer wasn’t enough …. News today is HMRC intend to do the same again for 7 weeks in the busiest 7 weeks of the year….! From 11 December until 31 Jan

A lovely write up in the Tax Adviser journal by Salema Hafix from CIOT who attended the recent Cross border tax conference that our director Elaine Farrell co-hosted with Catriona Loughran of Extra ta

#UKAutumnStatement2023 #TaxAdvisors #FarrellandFarrell #CrossBorder #CrossBorderTaxAdvisors #UKTaxAdvisors #ROITaxAdvisors #Accountantnearme #NewryandMourne

bottom of page