{"id":17104,"date":"2023-08-09T17:41:22","date_gmt":"2023-08-09T16:41:22","guid":{"rendered":"https:\/\/www.langricks.com\/?p=17104"},"modified":"2023-08-09T17:41:22","modified_gmt":"2023-08-09T16:41:22","slug":"hmrc-interest-rates-set-to-rise-in-august-for-late-payers-and-over-payers","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/langricks\/hmrc-interest-rates-set-to-rise-in-august-for-late-payers-and-over-payers\/","title":{"rendered":"HMRC interest rates set to rise in August for late payers and over-payers"},"content":{"rendered":"<p>The interest rates for late payment of taxes are linked to the Bank of England Base Rates, and as a result there is an interest rate rise coming in August 2023 for late payers and for over-payments along the following lines:<\/p>\n<ul>\n<li>late payment interest, set at base rate plus 2.5%<\/li>\n<li>repayment interest, set at base rate minus 1%, with a lower limit of 0.5% (known as the \u2018minimum floor\u2019)<\/li>\n<\/ul>\n<p>According to HMRC the late payment interest rate encourages prompt payment, and the repayment interest rate compensates taxpayers fairly, when they overpay, for loss of use of their money.<\/p>\n<p>The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are:<\/p>\n<ul>\n<li><strong>late payment interest rate \u2014 7.75% from 22 August 2023<\/strong><\/li>\n<li><strong>repayment interest rate \u2014 4.25% from 22 August 2023<\/strong><\/li>\n<\/ul>\n<p>The above is in comparison to 4.25% and 0.75% respectively a year ago.<\/p>\n<p>Contact us today if you need assistance with your tax return.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The interest rates for late payment of taxes are linked to the Bank of England Base Rates, and as a result there is an interest rate rise coming in August 2023 for late payers and for over-payments along the following lines: late payment interest, set at base rate plus 2.5% repayment interest, set at base [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":15518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-17104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>HMRC interest rates set to rise in August for late payers and over-payers - Langricks Chartered Accountants and Business Advisers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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