HMRC late payment interest rates revised
Posted 14/11/2022
The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase.
These changes come into effect:
- 14 November 2022 for quarterly instalment payments.
- 22 November 2022 for non-quarterly instalments payments.
For the current HMRC interest rates, please see https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates
For further updates, please follow us at:
Linked In https://www.linkedin.com/company/accountants-congleton-cheshire