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Late payment interest to fall for first time in four years -Dunhams News Blogs

Late payment interest to fall for first time in four years


Posted on: 14-08-2024

Late payment interest to fall for first time in four years

Late payment interest to fall for first time in four years -Dunhams News Blogs

​​​​​​​Late payment interest rates on underpaid taxes will soon decrease due to the recent reduction in the Bank of England’s base rate. What are the new charges?

Late payment interest to fall for first time in four years -Dunhams News Blogs

From 12 August 2024 the following rates will apply:

From 20 August, the rates for other taxes will be:

Late payment interest to fall for first time in four years -Dunhams News Blogs

As HMRC’s late payment and repayment interest rates are linked to the base rate, they will also come down. This will be the first time the interest rates have been lowered since March 2020.

For more help see our Accounting Services

Whilst the reduction is welcome, the rates are the same as they were this time last year. Ensure all tax payments are made on time to avoid penalty interest.

Late payment interest to fall for first time in four years

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If you would like any assistance with any of these points.

Please Call Us on 0161 872 8671

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