The Bank of England Monetary Policy Committee announced on 22 June 2023 to increase the Bank of England base rate to 5% from 4.5%.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase.
These changes will come into effect on:
- 3 July 2023 for quarterly instalment payments
- 11 July 2023 for non-quarterly instalments payments
For further information please select the following link HMRC late payment interest rates to be revised after Bank of England increases base rate - GOV.UK (www.gov.uk)
Managing your finances
A vital part of running a successful business is looking after your finances. For further information please select the following link Managing your finances | Business Wales (gov.wales)