The rate is increasing from 5.5% to 6.5%, some four times the increase in the base rate announced by the Bank of England.
Grant Thornton was highly critical of the move.
Ian Luder, tax partner at Grant Thornton said: ‘This is yet another example of the Revenue raising money by a system of “stealth taxes”. For people with large tax bills to pay, overpayment or late payment could now cost them significantly more than they expect.’
The Revenue also announced that the rate it pays on overpaid tax would rise by 0.75% to 2.5%. Grant Thornton complained that tax-payers had little time to sort out their affairs with the changes taking effect on 6 December.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy