As mentioned in our newsletter in early August, HMRC announced that the interest rates for late and overpaid PAYE tax and NICs would be recalculated following the September meeting of the Monetary Policy Meeting (MPC), even if there were no increase to the Bank of England base rate.
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Posted September 23rd, 2009 | No Comments »
Following on from last week’s announcement of measures to rationalise the setting of HMRC’s interest rates for late and overpaid taxes, HMRC has announced that the rates will be recalculated according to the new rules after the September 2009 meetings of the Monetary Policy Meeting. Even if there is no change to the Bank of England base rate, the interest rate paid on overpaid tax will increase to 0.5%. The changes will not be retrospective.
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Posted August 5th, 2009 | No Comments »
HMRC first put forward proposals to harmonise the methods by which interest is charged across tax regimes in June 2008. Following consultation, HMRC proposed
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Posted July 29th, 2009 | No Comments »
Interest is charged by HMRC when income tax and NICs are paid late, and credited when they are overpaid. New interest rates have been announced and take effect from 24 March 2009. This is the second change of rates to occur since Regulations were made in December allowing HMRC to amend rates more quickly following movements in market rates. The amended legislation provides for these rates to come into effect 13 working days after the meeting of the Monetary Policy Committee of the Bank of England.
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Posted March 23rd, 2009 | No Comments »
Interest is charged by HMRC when income tax and NICs are paid late, and credited when they are overpaid. New interest rates have been announced and take effect from 27 January 2009. This is the first change of rates to occur since Regulations were made in December allowing HMRC to amend rates more quickly following movements in market rates. The amended legislation provides for these rates to come into effect 13 working days after the meeting of the Monetary Policy Committee of the Bank of England.
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Posted February 2nd, 2009 | No Comments »
Interest is charged by HMRC when income tax and NICs are paid late, and credited when they are overpaid. New interest rates have been announced and take effect from 6 January 2009.
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Posted December 29th, 2008 | No Comments »
Interest is charged by HMRC when income tax and NICs are paid late, and credited when they are overpaid. New interest rates have been announced and take effect from 6 December 2008.
The rate of interest charged on income tax and NICs paid late decreases from 6½% to 5½%. The rate paid on overpaid tax and NICs reduces from 2¼% to 1½%.
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Posted December 8th, 2008 | No Comments »
Interest is charged by HMRC when income tax and NICs are paid late, and credited when they are overpaid. New interest rates have been announced and take effect from 6 November 2008.
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Posted November 3rd, 2008 | No Comments »
