New HMRC interest rates for late and early tax payments

Following the Monetary Policy Committee decision to increase the Bank of England base rate to 4%, HMRC has announced increases to both interest charged on late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the decision on 2 February 2023 […]

PAYE payment by variable direct debit: late payment notices

Late payment notices will be suppressed, but not immediately. ICAEW’s Tax Faculty has previously explained how HMRC notifies employers of the date that their direct debit (DD) will be collected. The faculty noted that, as HMRC collects the DD a few days after the normal due date for electronic PAYE payment, a late payment interest […]

HMRC interest rates for late and early payments increase again

As HMRC interest rates are linked to the Bank of England base rate, its 15 December increase from 3% to 3.5% has triggered another increase in rates for late payments and repayment of tax. HMRC has announced increases to both interest charged on late paid tax and the rate paid on repayments of tax. These […]