Following the reduction in the Bank of England base rate, HM Revenue & Customs (HMRC) have confirmed that their interest rates will be reduced accordingly.
Late payment interest will reduce to 7% from 7.25%. Repayment interest – paid on tax repayments – will be reduced to 3.5%.
The change will come into effect from:
-17 February 2025 for quarterly instalment payments.
-25 February 2025 for non-quarterly instalments payments.
See: https://www.gov.uk/government/news/hmrc-late-payment-interest-rates-to-be-revised-after-bank-of-england-lowers-base-rate--2
New rules, which are expected to come into force from spring 2027, will make it easier for people to avoid costly subscription traps.
If you have been running a business for a while, maybe as a sole trader or in a partnership, you may have heard someone say, “You should incorporate”.
35 Wilkinson Street
Sheffield
S10 2GB
.png)
.jpg){kind=icon}
