In response to the Bank of England’s recent 0.25% increase in the BOE base rate, i.e. to 4.25% (on 23 March), HMRC’s late payment interest rates will also increase with effect from 13 April 2023 as follows: -
late payment interest rate — 6.5% increasing to 6.75%
repayment interest rate — 3.0% increasing to 3.25%
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 lat
The Bank of England has announced today they will raise the interest rate from 4.25% to 4.5%. Therefore, this is the 12th consecutive increase due to inflation remaining stubbornly high. 📞 028 406 30
As the new tax year had started on 6 April 2023, you can start thinking about filing your UK Self-Assessment Tax Return for tax year 2022/23. If you need any assistance regarding this, our dedicated t
