Changes to VAT penalties and interest from 01 January 2023
HMRC increases late payment interest rate Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax.The Bank increased the base rate to 4.5% from 4.25% on 11 May, the 12th consecutive rise.The late payment and repayment interest rates follow…