HMRC have announced they will be rising their interest rates in line with the Bank of England who have also increased their interest rates.
The new rate of interest for late payment and repayment is increasing to 3%. These changes will come into effect on 14th November 2022 for quarterly instalment payments and 22nd November 2022 for non-quarterly instalments payments.
For more information please visit: https://www.gov.uk/government/news/hmrc-late-payment-interest-rates-to-be-revised-after-bank-of-england-increases-base-rate--8