HMRC 7.5% penalty warning for households ahead of deadline

You must act by July 3113:39, 30 Jul 2026HMRC has issued an urgent tax deadline warning to prevent millions “significantly increasing the amount owed”. Self-Assessment taxpayers who need to make their second payment on account for the 2022/23 tax year must make sure they do so before 31 July or face hefty new interest charges.‌It marks the first deadline of Andy Burnham's premiership, with the new Labour Party government, including Chancellor John Healey, and HM Treasury overseeing the intake of receipts.‌Stefanie Tremain, Partner said: “HMRC’s late payment interest rate has significantly increased from 5.5% at the start of 2023 to the current rate of 7.5%. Late payment may also raise the individual’s ‘profile’ with HMRC and increase the possibility of a HMRC enquiry into their tax returns