Bank of England delays latest interest rate rise
Her Majesty, Queen Elizabeth II passed away on 8 September 2022. In the wake of this, the Bank of England has delayed announcing the latest change to interest rates. What do we know?
The nation is currently observing a ten-day national mourning period following the death of Queen Elizabeth II at the age of 96. The government has announced that 19 September will be a bank holiday to coincide with the funeral. The Bank of England also announced that it was delaying it's scheduled monetary committee meeting by a week, with the new date being 22 September.
The committee agrees changes to the base interest rate. This has increased several times this year in an effort to curb inflation. Leading economists had expected the rate to increase from its current level of 1.75% to 2.25%, which would be the highest level since the 2008 financial crisis. Of course, this would have a knock-on effect to interest rates that are pegged to the base rate, including HMRC's. As a result, the interest charged on any overdue tax will shortly increase, albeit later than may have been the original case.
Related Topics
-
Why is HMRC checking PVA more often?
Your business imports goods and accounts for VAT by applying postponed VAT accounting (PVA) on its returns. HMRC is scrutinising returns and issuing large assessments in some cases. What can you do to reduce the risk of getting it wrong?
-
HMRC text or scam? Check before you act
HMRC is contacting some taxpayers by text this week about overdue Self Assessment liabilities and is also sending updates about VAT registration applications. At the same time, it has expanded its guidance on spotting fake HMRC messages on social media. How can you tell whether a message is genuine?
-
Electronic VAT return and payment due
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.