HMRC has been criticised for increasing the rate of interest it charges on late tax payments. The Guardian reports that HMRC now charges 3% interest on late payments, even though the Bank of England's base rate has stayed at 0.5% since March. A spokesperson from accountancy firm UHY Hacker Young said that this was a sign of HMRC "clawing more money from taxpayers".
For more on this story go to:
http://www.guardian.co.uk/money/2009/sep/18/interest-rate-late-tax-payments
www.ukba.co.uk
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