HMRC increases late payment interest rate to 7%

Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the base rate to 4.5% from 4.25% on 11 May, the 12th consecutive rise. The late payment and repayment interest rates follow this rise and are […]

UK rate of inflation fell sharply in April, data shows

Data published by the Office for National Statistics (ONS) has revealed that the UK rate of inflation fell to 8.7% in April from 10.1% in March. The fall has been attributed to energy price rises slowing from their hikes in 2022. However, the data also showed that food prices continued to rise at the fastest […]

Typical energy bill to fall under new price cap

Energy bills will fall to £2,074 a year for the typical household from July under the new price cap announced by regulator Ofgem. The average household will still pay almost double the rate for their gas and electricity than before costs started to soar. Around 27 million households can expect a modest drop in energy […]