Spring Budget 2024: How income tax and National Insurance work
THOUSANDS of households could be granted relief on tax bills from today as the interest charged on late payments has reduced.rate charged on late payments to HMRC follows 16 consecutive increases since April 2020, and will come as a huge relief to many.But over the last four years it has increased to a high of 7.75%, where it had remained since August 2023.
“Hence while late payment interest was only charged at a rate of 2.6% in April 2020 , this rate increased to 7.75% in the second half of 2023 and has now fallen back slightly to 7.5% from August 2024." You'll only be charged the repayment interest rate if you pay up on time which will be 3.5% points lower than the late repayment fee.Self-assessment is a system HMRC uses to collect income tax.You or your partner received high income child benefits and either of you had an annual income of more than £50,000Before you can complete and submit your tax return, you'll need to have a so-called unique taxpayer reference and activation code from HMRC.
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