Following the reduction in the Bank of England base rate, HM Revenue & Customs (HMRC) have confirmed that their interest rates will be reduced accordingly.
Late payment interest will reduce to 7% from 7.25%. Repayment interest – paid on tax repayments – will be reduced to 3.5%.
The change will come into effect from:
-17 February 2025 for quarterly instalment payments.
-25 February 2025 for non-quarterly instalments payments.
See: https://www.gov.uk/government/news/hmrc-late-payment-interest-rates-to-be-revised-after-bank-of-england-lowers-base-rate--2
New data from the Office for National Statistics suggests that UK businesses are continuing to slow down recruitment, with job vacancies falling by 63,000 between March and May.
From next year, Buy-Now, Pay-Later (BNPL) firms will need to work within a stricter regulatory framework. Following last year’s consultation, the government has now laid legislation before Parliament to bring BNPL under formal regulation, aiming to end what’s been called the “wild west” of unregulated borrowing.
