Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.
The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest rates with rates now the highest they have been since November 2008.
This means that the late payment interest rate applied to the main taxes and duties that HMRC charges interest on increases by 0.5% to 6.50%.
These changes will come into effect on:
The repayment interest rates applied to the main taxes and duties that HMRC pays interest on will increase by 0.5% to 3% from 21 February 2023. The repayment rate is set at the Bank Rate minus 1%, with a 0.5% lower limit.
Share this post:
Our team are waiting to answer any question you may have via our live chat feature.
Call us on:
Email us on:
27th Aug 24 | Updates/ News
Interest rates are a powerful lever in our economy. Increase rates and economic activity tends...
22nd Aug 24 | Updates/ News
Since Rachel Reeves was appointed Chancellor of the Exchequer in May 2024, she has made...
20th Aug 24 | Updates/ News
Tax relief on private pension scheme contributions is a significant incentive in the UK, encouraging...
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.