Taxation: Interest Payments
The question
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that HMRC provides clear information about interest on delayed and forward payments.
Answered by Dan Tomlinson
HMRC provides guidance on the interest applied to tax that is paid late, and on the repayment interest paid when taxpayers are owed money. The rates and explanatory information are published on GOV.UK and reviewed regularly to ensure they remain accurate, accessible and up to date.
Details of HMRC’s current interest rates for late and early payments are available here: https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates
For customers who need extra help, including those who are vulnerable or digitally excluded, HMRC provides dedicated tailored support through their Extra Support Team. They can offer additional assistance over the phone and help customers understand what interest applies and why.
Anyone worried about meeting their tax obligations on time should contact HMRC as early as possible to discuss options, such as setting up a time to pay arrangement.
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