HMRC official rate of interest only 2.25%

HMRC official rate of interest only 2.25% HMRC have announced that the official rate of interest will increase from 2% to 2.25% on 6 April 2023. The official rate of interest is used to calculate the income tax charge on the benefit of employment related loans and the taxable benefit of some employment related living accommodation. These rates used to fluctuate in line with the base rate, but in recent years HMRC has fixed the rate for the whole tax year. For those employers including beneficial loans on form P11d for 2022/23 the average official rate to be used is 2%. The charge applies where the amount of the loan exceeds £10,000. Need more information? We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible. Our fantastic team at A&C Chartered Accountants are here to help.

HMRC official rate of interest only 2.25%

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