12 November 2024
HMRC late payment interest rates to be revised after Bank of England lowers base rate
HMRC interest rates for late payments will be revised following the Bank of England interest rate cut to 4.75%.
The Bank of England Monetary Policy Committee announced on 7 November 2024 to reduce the Bank of England base rate to 4.75% from 5.0%.
HMRC interest rates are linked to the Bank of England base rate.
As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will reduce.
These changes will come into effect on:
- 18 November 2024 for quarterly instalment payments
- 26 November 2024 for non-quarterly instalments payments
Information on the interest rates for payments will be updated shortly.
Valuation Office Agency: Sharing more information on business rates valuations
The VOA has published details about how it will improve the information it discloses on business rates valuations.
The Valuation Office Agency (VOA) will share improved information on business rates valuations in phases:
- By 2026, ratepayers will be able to see more tailored information about their property.
- By 2029, ratepayers will be able to see more specific valuation information and evidence.
This follows a consultation in 2023. We asked ratepayers, agents and others what information they wanted to see disclosed about how we value properties.
Carolyn Bartlett, the VOA's Chief Strategy and Transformation Officer, said: “We understand the importance of greater transparency in business rates valuations. The consultation showed there are different views about what property valuation information should be disclosed.
“We've balanced the desire for greater transparency from some with the concerns of others about the confidentiality of their data and a preference for simplified information.”
Read the full summary of responses to the consultation.
Changes to business rates
This is part of a wider set of changes that are coming to business rates in England from 2026 to 2029. These changes are being introduced in stages. They will support the VOA to deliver more frequent property revaluations.
The changes include a new duty on ratepayers to provide information about their property to the VOA.
Government’s experimental AI chatbot to help people set up small businesses and find support
Thousands of small businesses across the country will be able to get help and advice through the UK government's generative AI chatbot, as it moves to the next stage of testing this week – making it easier and quicker to find information on GOV.UK.
Up to 15,000 people will be able to ask the tool for advice on business rules and support, with the chatbot linked from 30 of GOV.UK's business pages, such as “set up a business” and “search for a trade mark”. People with access to the trial can ask questions about tax and the support available to them.
A team of in-house data scientists, developers and designers are building the experimental tool using OpenAI's GPT-4o technology which aims to help people more quickly navigate complex advice to understand what matters to them. In response, they will receive straightforward, personalised answers that collate information that may otherwise be spread across dozens of pages.
The NHBF Top 100 Influencer 2024: One week to go!
Just one week left until the NHBF Top 100 Influencer 2024 event on 19 November 2024! The event will be held online at 7 PM on the NHBF YouTube channel. Tune in to find out who will be named this year’s top influencer in the hair and beauty sectors. In the days leading up to the main event, the NHBF will be counting down the top 100 influencers on its social media account @NHBFSocial. Don't miss it!
NHBF Campaigning for you: Autumn Budget – write to your MP
NHBF has drafted a letter template for you to use to write to your MP following the Autumn Budget and rises in wage rates in April 2025 and rises in Employer National Insurance contributions. Ask your local MP to visit you to understand the impact on sector businesses and ask them to write to the Chancellor to ask for further targeted support.
Find your local MP here: Find your MP - MPs and Lords - UK Parliament