HMRC Interest Rates Changes

HMRC Interest Rates

HMRC Interest Rates Changes

Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge.

The new late payment interest rate, applied to the main taxes and duties, took effect from 30 March 2020, when the interest rate was set at 2.75% (reduced from 3.25%). This was the first change since August 2018.

The rate of interest charged on underpaid quarterly instalment payments of Corporation Tax is 1.1% as of 30 March 2020. The rate has been set at 1.75% since August 2018 and was briefly reduced to 1.25% on 23 March 2020 before the latest cut took effect.

The repayment interest rates applied to the main taxes and duties remains unchanged at 0.5%.

For more information on HMRC Interest Rates, Book a Free Consultation

Our Offices

Makesworth Accountants in Harrow

Unit-101, First Floor,
Cervantes House, 5-9 Headstone Road,,
Harrow, London HA1 1PD
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Central London

63/66 Hatton Garden
Fifth Floor Suite 23,
Central London, London EC1N 8LE
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Ilford

Balfour Business Centre, Suite B15
390-392 High Road,
Ilford, London IG1 1BF
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Glasgow

Unit 103, Nasmyth Building, 60 Nasmyth Avenue, Scottish Enterprise
Technology Park,
East Killbridge, Glasgow G75 0QR
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Barnet

169 High Street,
Barnet, London EN5 5SU
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Proud to be featured in

Happy with our services? Please leave us a Google Review. Click here

Google Review Stars