HMRC charged £80 million in interest on late Self Assessment payments last year, an increase from £63 million in 2020-21, figures revealed by UHY Hacker Young have shown.

This represents a 27 percent increase from 2020-21.

Last year’s 31 January self-assessment tax payments reached a five-year high of £22 billion, up by 33 percent from £16.5 billion in January 2022. The tax bill is expected to increase again this month. 

Coupled with the late...