Another rise in penalty interest rates looms
Yet another increase in the various rates of interest HMRC charges on unpaid taxes will kick in from 15 August. What is affected and what will the new rates be?
The Bank of England announced that it was increasing the base rate of interest by 0.5% on 4 August 2022. Inevitably, HMRC then announced that its range of penalty interest rates would also increase again. From 15 August, the following rates charged, and payable, by HMRC will apply:
- Late corporation tax paid quarterly - 2.75%
- Overpayment interest on corporation tax - 1.5%
From 23 August, the following rates for other taxes, including income tax, will apply:
- Late payment interest - 4.25%
- Interest on overpaid tax - 0.75%
Related Topics
-
HMRC’s new compliance check service
HMRC has published a collection of videos and notes to help if you’re picked for a compliance check. Is HMRC’s new service worth a look or is it just official propaganda?
-
Income sharing trouble for separated couple
After a couple separated one spouse received income from letting the property she jointly owned with her estranged spouse. HMRC taxed all the income on her. Was it right to do so or should her spouse have been taxed on half the income?
-
How to handle workers aiming to "Slide Away" to an Oasis Concert
The Oasis Live ’25 UK reunion tour starts in Cardiff on 4 July 2025 and concludes in London on 28 September 2025. With ticketless fans keen on obtaining last-minute tickets and ticketed fans eager to get to the gig for when the gates open, this could have an impact on staff productivity and timekeeping. How can you tackle these issues?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.