Late Payment Penalties Are Going Up! From 1st April 2025, HMRC is cracking down on late tax payments with higher penalties for those who don’t pay on time. 📌 What’s Changing? 🔹 A 1% rise means you’ll now pay a 3% penalty of unpaid tax at 15 days, and 30 days. But if you’re payment is late by 31 days, that penalty is set to rise from 4% to a rather big 10%! 🔹 This regime will also be applied to VAT late payment penalties and will take effect from 1st April. 🔹 HMRC’s interest rate for late payments is also increasing by 1.5% from next month, adding even more costs. 📅 What To Do? ✅ Plan ahead – make sure you pay on time to avoid the higher charges! ✅ Need help? Speak to us if you’re unsure about your tax deadlines. #TaxChanges #HMRC #SmallBusiness #LatePayments #SelfAssessment