HMRC interest rates increasing
HMRC’s interest rates on overpaid or underpaid tax will increase from July 2023.
HMRC’s interest rates on overpaid or underpaid tax will increase from July 2023, but it is not as simple as that:
From 3 July 2023 the interest rates for Corporation tax will change to:
- Late corporation tax paid quarterly – 6%
- Interest on overpaid corporation tax – 4%
From 11 July 2023, the interest rates for other taxes will change to:
- Late payment interest – 7.5%
- Interest on overpaid tax – 4%
HMRC interest charges are going to become more and more significant, so it’s important to start planning for tax liabilities earlier and earlier. Here at PJCO Chartered Certified Accountants we can help you forecast your tax liabilities, show you how to reduce them and help you fund paying them with our new “Financial Insights” service.
We can help businesses or individuals struggling to pay their tax debts by assisting with external funding or by using HMRC’s payment plan option.
If you would like some assistance or advice on HMRC interest rates increasing, contact us today!