Rising Interest Rate = HMRC Profiteering
HMRC is profiteering from late payers by having different interest rates according to whether a taxpayer owes HMRC money or vice versa. We have previously reported on the discrepancy, and we are not alone in condemning HMRC with the Chartered Institute of Taxation (CIOT) also stating that the situation is unfair. In their budget submission, CIOT are […]
HMRC Interest Rates = Profiteering From Late Payers
HMRC is profiteering from late payers by having different interest rates according to whether a taxpayer owes HMRC money or vice versa. We have previously reported on the discrepancy, and we are not alone in condemning HMRC with the Chartered Institute of Taxation (CIOT) also stating that the situation is unfair. In their budget submission, […]
HMRC’s Late Payment Interest Rates Rise
HMRC’s interest rate charged on unpaid tax rises to a new 13-year high of 5.5%, which is almost six times the rate paid on money HMRC owes it’s customers. In contrast, the rate HMRC pays on repayments to customers is far less generous and has increased from 1.25% to 2.0%. While the differential in HMRC’s […]
HMRC’s Late Payment Interest Rate Rockets
HMRC’s interest rate charged on unpaid tax rises to a 13-year high of 4.25%, which is six times the rate paid on money HMRC owes it’s customers. In contrast, the rate HMRC pays on repayments to customers is far less generous and has increased from 0.5% to 0.75%. While the differential in HMRC’s interest rates […]