interest payments Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/interest-payments/ Chartered Accountants & Business Advisors Tue, 04 Mar 2025 17:15:22 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg interest payments Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/interest-payments/ 32 32 HMRC cuts late and repayment interest rates https://www.wrloaccountants.co.uk/hmrc-cuts-late-and-repayment-interest-rates/ Tue, 04 Mar 2025 17:15:20 +0000 https://www.wrloaccountants.co.uk/?p=4300 HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate. The Bank of England cut the base rate to 4.5% on 6 February, triggering a 0.25% cut in HMRC interest rates which are pegged to the base rate. From 25 February, the late payment interest rate will be cut to 7.0% from 7.25%. The repayment interest rate will be cut to 3.5% from 3.75% from 25 February. HMRC late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%. Corporation tax self assessment interest rates relating to interest charged on underpaid quarterly instalment payments dropped to 5.5% from 5.75% from 17 February, a week earlier than the main late payment rate change. Internet link: GOV.UK

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