June 20, 2023
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Do you have a tax debt? Interest is charged on late payment.
If you have a tax debt already or are considering entering into a Time to Pay arrangement with HMRC, you need to be aware of the impact of late payment interest.
With the interest rates continuing to rise, this charge has increased again, for the fourth time this year, and the 9th increase in the last 12 months. Interest on late payment of income tax, national insurance, capital gains tax and corporation tax is charged at 7% from 31 May 2023.
We can run the figures for you and help you understand the implications, please call us today.
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