The Labour Party government tax office is set to charge 8.5 per cent on outstanding bills from 6 April. The incoming 2025/26 tax year brings with it a hike to the interest rate HMRC charges on late payments.
25% interest rate charged on late payments.
The Consequences of HMRC’s Interest Rate Policy
The high interest rate charged on late payments can have severe consequences for taxpayers who are struggling to pay their tax bills.
Key Developments
The Spring Statement, a key economic policy document, was released by the UK government, outlining its plans for the upcoming financial year.
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