Following on from our last increase in rates blog post, HMRC have announced they will be rising their interest rates for the third time on late paid tax and the rate paid on repayments of tax.
The new rate of interest for late payment and repayment is increasing to 4%. These changes will come into effect from 13th February 2023 for quarterly instalment payments and 21st February 2023 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--10