HMRC are in the process of standardising the interest regime across all taxes and as a consequence rates will change in September for the first time in six months.
Interest charged on tax paid late will be based on Bank of England Base rate plus 2.5% whilst interest added to tax refunds will be 1% below that rate subject to a minimum of 0.5%.
If you need further advice please contact us in Nottingham on 0115 9565171 or visit www.marshallsmalley.com
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