The CleverHub

A central source of accountancy related news, arcticles and reviews

Call 0113 518 8800 Call me back

HMRC announced an increase in late payment interest rate

by | Jun 30, 2022 | News

HMRC have recently announced that from 5 July 2022, the 3.5% interest rate for late payments on main tax returns will be increased to 3.75%.
This has followed the Bank of England’s recent announcement about increasing its base rate from 1.0% to 1.25%.
Other interest rates for repayments and overpayment will remain the same, both set to 0.5%.

Tax returns deadlines

Self-Assessment

  • 31st October – paper tax return submission
  • 31st January – Online submission
  • 31st January – Tax payment deadline

Please note that businesses with a Self-Assessment tax bill of more than £1,000 are required to make a ‘Payment on Account’ towards their following year’s tax bill.
Learn more about ‘Payment on Account’. (payment on account article will be updated)

Payment arrangements

If you cannot pay your Self-Assessment bill on time and owe less than £30,000, you can contact HMRC to set up a Time to Pay payment plan.

VAT – Submitted quarterly

One calendar month and 7 days after the end of an accounting period.

Company Accounts

  • Submit your first accounts to Companies House – 21 months after registering your company on Companies House.
  • Submit your annual accounts to Companies House – 9 months after your company’s financial year end.

Corporation Tax

  • Submit and pay – 9 months and one day after the end of your accounting period.
  • File your company’s tax return – 12 months after your company’s corporation Tax accounting period, ends.

IR35 - read more about it

Find out what changes are coming, how this could affect you and what we can do to help.

COVID-19

Information for contractors, freelancers and limited company on what help is out there

Our accounting packages

Limited Company

Used by thousands of limited companies and contractors, you get unlimited accounting support and advice, easy-to-use online accounting software all for a single fixed monthly fee. This package also includes our Flex solution to allow seamless switching between a limited company and Umbrella plus free insurance*

Growing Company

Our fully bespoke accounting service for limited companies that are growing or in need of additional services. This package includes a dedicated bookkeeper and payroll solutions for multiple employees together with fully pro-active support and advice and face-to-face meetings via video conferencing.  If you need that extra hands-on service, this is perfect for you.

Need an accountant?

Clever Accounts offers fixed-fee online accountancy support for contractors, freelancers and limited companies.

Dedicated accountants, online accounting software and 15 years expertise in the market makes us the perfect choice.

Find out more Request a call back

Z

Designed for contractors & limited companies

Z

Your own dedicated, experienced accountant

Z

Monthly fixed-fees - no surprise bills

Z

End-to-end IR35 support and guidance

Z

Year end accounts, payroll and VAT