The interest rate on late VAT payments will increase next month.
From Friday, May 1, the percentage charged on top of the Bank of England base rate will rise from 2.5 to four percent.
Treasury says this won't impact taxpayers who pay on time, with penalties only applied if payments are more than 15 days late.
It adds this is being done to keep in line with the UK, as per the customs agreement.
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Businesses invite to sponsor Island Games 2029
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Peel Lifeboat receives generous donation
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