HMRC is increasing interest rates for late payments for most taxes after the Bank of England’s decision to increase the base rate to 4.5%.

From 22 May 2023, the rate for late paid corporation tax quarterly instalment payments is 5.5%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments increases to 4.25%.

The new rate for other late paid taxes is 7%, and the repayment interest rate rises to 3.5%. These take effect from 31 May 2023.

WIM Accountants are here to help businesses with their accounting and taxation needs.

ACCAWe are a member firm of Association of Chartered Certified Accountants

London Office

37 New North Road

Contact: 02082271700

Nottingham Office

Trent Business Center, Thoroton Road, West Bridgford, Nottingham NG2 5FT


Monday - Friday : 09:30 - 17:30
Saturday and Sunday : Closed

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