HMRC is increasing interest rates for late payments for most taxes, after the Bank of England’s decision to increase the base rate to 5.25%.
From 14 August 2023, the rate for late paid Corporation Tax quarterly instalment payments is 6.25%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments increases to 5%.
The new rate for other late paid taxes is 7.75% and repayment interest rate rises to 4.25%. These take effect from 22 August 2023.
If you have any queries at all, talk to:
Paul Buckley
Associate and Senior Tax Manager
paul.buckley@waltonsba.co.uk
01429 234414
