Can anyone advise if there is a set of tables which provides factors for interest on late payment?
ie if you should have received a sum in 1985 is there a factor we can use to calculate interest to today rather than going through each years various interest rates
Nick Krase
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Replies (5)
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Alan You have not capitalised interest
Alan, I notice that you have not capitalised the interest in the example. Why?
Not sure I can Nick
I developed it for in house use and it is the result of a fair few years development on and off, in part at least as an exercise for me to learn VBA.
I am not entirely sure where I stand (as it was developed in my own time), but suspect that the answer (at least for the present) will have to be no. Sorry.
David
That's the way the supplement / interest rules work. The interest becomes due when the repayment of tax is due/made, so is not compounded with each rate change
My calculator is generally within a few pence of what HMRC eventually come up with
This might help
Run from an interest calculator add-in I have for Excel
Repayment Supplement calculated on £100.00 as:
01/01/1985 to 05/05/1985 (125/365 days) @ 8% = £2.74
06/05/1985 to 05/08/1986 (457/365 days) @ 11% = £13.77
06/08/1986 to 05/11/1986 (92/365 days) @ 8.5% = £2.14
06/11/1986 to 05/04/1987 (151/365 days) @ 9.5% = £3.93
06/04/1987 to 05/06/1987 (61/365 days) @ 9% = £1.50
06/06/1987 to 05/09/1987 (92/365 days) @ 8.25% = £2.08
06/09/1987 to 05/12/1987 (91/365 days) @ 9% = £2.24
06/12/1987 to 05/05/1988 (152/365 days) @ 8.25% = £3.44
06/05/1988 to 05/08/1988 (92/365 days) @ 7.75% = £1.95
06/08/1988 to 05/10/1988 (61/365 days) @ 9.75% = £1.63
06/10/1988 to 05/01/1989 (92/365 days) @ 10.75% = £2.71
06/01/1989 to 05/07/1989 (181/365 days) @ 11.5% = £5.70
06/07/1989 to 05/11/1989 (123/365 days) @ 12.25% = £4.13
06/11/1989 to 05/11/1990 (365/365 days) @ 13% = £13.00
06/11/1990 to 05/03/1991 (120/365 days) @ 12.25% = £4.03
06/03/1991 to 05/05/1991 (61/365 days) @ 11.5% = £1.92
06/05/1991 to 05/07/1991 (61/365 days) @ 10.75% = £1.80
06/07/1991 to 05/10/1991 (92/365 days) @ 10% = £2.52
06/10/1991 to 05/11/1992 (397/365 days) @ 9.25% = £10.06
06/11/1992 to 05/12/1992 (30/365 days) @ 7.75% = £0.64
06/12/1992 to 05/03/1993 (90/365 days) @ 7% = £1.73
06/03/1993 to 05/01/1994 (306/365 days) @ 6.25% = £5.24
06/01/1994 to 05/10/1994 (273/365 days) @ 5.5% = £4.11
06/10/1994 to 05/03/1995 (151/365 days) @ 6.25% = £2.59
06/03/1995 to 05/02/1996 (337/365 days) @ 7% = £6.46
06/02/1996 to 30/01/1997 (360/365 days) @ 6.25% = £6.16
31/01/1997 to 05/08/1997 (187/365 days) @ 4% = £2.05
06/08/1997 to 05/01/1999 (518/365 days) @ 4.75% = £6.74
06/01/1999 to 05/03/1999 (59/365 days) @ 4% = £0.65
06/03/1999 to 05/02/2000 (337/365 days) @ 3% = £2.77
06/02/2000 to 05/05/2001 (455/365 days) @ 4% = £4.99
06/05/2001 to 05/11/2001 (184/365 days) @ 3% = £1.51
06/11/2001 to 05/08/2003 (638/365 days) @ 2.25% = £3.93
06/08/2003 to 05/12/2003 (122/365 days) @ 1.5% = £0.50
06/12/2003 to 05/09/2004 (275/365 days) @ 2.25% = £1.70
06/09/2004 to 05/09/2005 (365/365 days) @ 3% = £3.00
06/09/2005 to 05/09/2006 (365/365 days) @ 2.25% = £2.25
06/09/2006 to 11/12/2006 (96/365 days) @ 3% = £0.79
Total = £139.10
Then again it might not :)