Late payment interest to be cut
A cut to the Bank of England base rate means there will be another reduction in HMRC's penalty interest rates. What are the new charges and when will they take effect?
-
New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
-
Forming a partnership to split your income
You’ve been doing some freelance work and what started out as a modest side hustle is now taking off. You’ll need to pay tax on the profits but is it possible to reduce it by splitting the income with your spouse?
-
Special payroll deadline for Christmas
If you pay staff early in December because of Christmas it’s important that you enter the information on your payroll submission correctly. What do you need to know to get this right?
Interest rates were cut from 4.25% to 4% on 6 August. HMRC penalty interest rates are set at the Bank of England base rate plus 4%, and as such a corresponding change to penalty interest will soon take effect.
From 18 August the interest rate on late corporation tax paid quarterly will be reduced from 6.75% to 6.5%. Whereas late payment interest on other taxes will go from 8.25% to 8% from 27 August.
The rate of repayment interest, which is a tax-free payment made on overpaid tax, will also be reduced from 3.25% to 3% from 27 August.
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.