- Interest rates for late payment of VAT and other indirect taxes will decrease on February 25, 2025.
- The new late payment interest rate is 7%.
- The new repayment interest rate is 3.5%.
- These changes are due to a decrease in the Bank of England base rate.
- Payments made on time will not be subject to late payment interest.
- Overpayments may be eligible for repayment interest.
Source: gov.im
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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