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  • Shepherd Partnership

HMRC increase interest rates for late payments

Following the Bank of England interest rate rise to 0.50%, HMRC interest rates for late payments are to be revised.

On 2 February, The Bank of England Monetary Policy Committee voted to increase the Bank of England base rate to 0.50% from 0.25%. HMRC interest rates are linked to the Bank of England base rate, so as a consequence of the change in the base rate, HMRC interest rates will increase, taking effect as follows:

  • 14 February 2022 for quarterly instalment payments

  • 21 February 2022 for non-quarterly instalments payments.

Repayment interest rates remain unchanged.

As ever, please don't hesitate to contact us if we can assist in any way.

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