21/01/2009 - HMRC cuts interest on payments
Interest rates charged on late payments and paid on overpayments have been cut following an announcement by HM Revenue & Customs (HMRC).
The new rates start this week and will cover quarterly instalment payments and early payments of corporation tax that are not due by instalments.
HMRC is now able to act a lot quicker following Bank of England interest rate announcements because of legislation effective from this month.
It says it is continuing to look at ways to make the rules easy when it comes to interest charged and paid across all taxes and duties.
Last June an 'Interest - working towards a harmonised regime' consultation document was published, followed in November by another consultation document.
Both can be seen on the HMRC website, along with full details of the rate changes.
Copyright © Press Association 2009
Related links
|
