An increase on payments made to HMRC for late payment of taxes will hit taxpayers who are not up to date, meaning their bills could grow very quickly - according to tax and advisory firm Blick Rothernberg.

Last week, the increase in the Bank of England base rate rose to one percent, meaning HMRC will raise interest rates on late tax bills by 0.25 percent. As a result, the late payment interest rate will increase to 3.5 percent from 24 May 2022.

Blick Rothenberg’s chief executiv...