HMRC raises interest rates on late tax

Following the increase in the Bank of England base rate to 1% last week, HMRC has confirmed that it will raise interest rates on late tax bills by 0.25%

This means that the late payment interest rate will increase to 3.5% from 24 May 2022. The rate last increased to 3.25% on 5 April. This is the highest rate since the height of the financial crisis in January 2009.

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