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Interest rates
The HMRC late payment interest rate rose to 2.75% from 4 January 2022 for the main taxes and duties (it was previously 2.6%). The repayment interest rate remains at 0.5%. Full details are on GOV.UK.
One stop shop
HMRC has added more detailed information about different payment methods in the ‘how to pay’ section of the guidance Pay the VAT due on your one stop shop VAT return.
Margin schemes
New HMRC guidance Check if you can use a VAT margin scheme if you import from or export to countries outside the UK explains the eligibility criteria for using margin schemes for importing works of art collectors’ items or antiques into Great Britain from outside the UK importing works of art collectors’ items or antiques into Northern Ireland from outside the EU and the UK ...
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