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Following the Bank of England's recent increase of its base rate to 4%, HMRC have announced an increase to its interest rate for late payments on main tax returns, from 21 February 2023.
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)
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.
One calendar month and 7 days after the end of an accounting period.
Sign up to Clever Accounts and get fixed fee hassle-free accounting