UK HMRC has announced the revision of late payment and repayment interest rates following the base rate increase by the Bank of England to 3.0% on 3 November 2022. Late payment interest is set at the base rate plus 2.5% and repayment interest is set at the base rate minus 1%, with a lower limit (minimum rate) of 0.5%. With the latest increase in the base rate to 3.0%, the late payment and repayment interest rates are increased to 5.50% and 2.0%, respectively, from 22 November 2022.
Source Orbitax
Latest Posts in "United Kingdom"
- VAT on Hampers: Lidded Wicker Baskets Ancillary to Food and Drink, Not Separate Supply
- Report: UK VAT Rules Favor Demolition Over Building Reuse, Urges Tax Reform for Sustainability
- Is the UK a Tax-Efficient Cruising Base? Navigating VAT and Temporary Admission for Yachts
- One in Three Large UK Firms Face Record VAT Investigations as HMRC Cracks Down
- Tribunal Rules Hampers’ Lidded Baskets Share VAT Treatment with Food and Drink Items
