Following the Bank of England’s decision to increase the base rate, HMRC have announced that their late payment interest rate will increase by 0.25% to 3.25% with effect from 21 August 2018.

The rate, which applies to late payments of the main taxes and duties administered by HMRC, is tracked at 2.5% above the base rate. It had previously been held at 3% since November 2017.

The repayment interest rate which HMRC will apply to overpayments remains at 0.5%. The Official rate of interest  which is most commonly seen in relation to Employment related loans, also remains unchanged at 2.5%.

External links:

HMRC: interest rates for late and early payment

 


Wouldn’t it be great and think how much TIME it would SAVE you if someone:

  • READ all the latest tax news, case decisions, new legislation and articles in tax and then summarised them for you?
  • Only alerted you to things that are RELEVANT to you?

How about if that someone also:

  • Updated those summaries in REAL TIME for you
  • ADDED examples, planning points, toolkits and calculators, and
  • Linked all that information together and also provided you with CPD?

Thousands of firms of accountants and advisers are already using www.rossmartin.co.uk as their primary TAX resource.

At a cost of just £1 per day, it’s a no brainer: FREE up your MIND and your TIME (and your wallet).

And...we run our Virtual Tax Partner support service, if you need assistance with a particular query or technical issue.

Leave your comments

Post comment as a guest

0
Your comments are subjected to administrator's moderation.
terms and condition.
  • No comments found