Further increase to HMRC late payment interest
Late payment interest rates will increase again in November because of a further increase in the Bank of England’s base rate. Will you be affected?
As HMRC’s late payment and repayment interest rates are linked to the base rate, they are also set to increase.
From 14 November 2022 the following rates will apply:
- Late corporation tax paid quarterly – 4%
- Interest on overpaid corporation tax instalments – 2.75%
From 22 November, the rates for other taxes will apply:
- Late payment interest – 5.5%
- Interest on overpaid tax – 2%
If your 2021/22 tax return is outstanding you should calculate your tax liability as soon as possible to ensure you can meet the payment deadline, to avoid (or minimise) interest charges.
Related Topics
-
Alternative education providers can protect VAT refund claims
HMRC has confirmed that some alternative providers of higher and further education can submit VAT refund claims following a Court of Appeal ruling, despite HMRC appealing the decision to the Supreme Court. What do you need to know?
-
Old IHT forms will be rejected
HMRC has stopped processing old versions of the Inheritance Tax IHT100 forms from 31 August 2026. Anyone reporting an IHT chargeable event involving a gift or trust will need to make sure they are using the correct forms. What do you need to know?
-
The tax incentive to do a thorough stock-take
The annual stock-take isn’t exactly your favourite thing to do. You know resources could be better spent elsewhere so you try to get through it as quickly as possible. Why might it be worth a little more of your time?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.