HMRC Interest Rates & ‘Time To Pay’: Self Assessment

The forthcoming Self Assessment payment date of 31^st January 2024 is looming. HMRC last increased the late payment and repayment interest rates on 22^nd August 2023 and this applies to the main taxes and duties that HMRC currently charges and pays interest as follows:

• Late payment interest rate — 7.75%

• Repayment interest rate — 4.25%

Can’t Pay Your Bill In Full?

If you cannot pay your tax bill in full contact HMRC as soon as possible. Additionally you may be able to set up a payment plan to pay it in instalments. This is called a ‘Time to Pay’ arrangement. This can also be set up online subject to the amount you owe.

The link to HMRC setting up a payment plan is below:

https://www.gov.uk/difficulties-paying-hmrc/pay-in-instalments

Get In Touch

For more information or advice, contact your local Whitings LLP office today.

Disclaimer - All information in this post was correct at time of writing.