HMRC late payment interest rates have increased in line with raising Bank of England interest rates.
On 3 November 2022, The Bank of England Monetary Policy Committee voted to increase the Bank of England base rate from 2.25% to 3%.
Because HMRC interest rates are linked to the Bank of England base rate, interest rates for late payments and repayments will increase as a result.
HMRC late payment interest rates increase dates:
- 14 November 2022 for quarterly instalment payments.
- 22 November 2022 for non-quarterly instalments payments.
For further information about this, please head to the gov.uk website.
If you need help completing your self-assessment tax return or you’re concerned about the HMRC late payment interest rates, please get in touch with PKB and we can help.
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