From 6 April 2025, HMRC increased its interest rates on late tax payments – a change that could impact the finances of many mental health professionals across the UK. With the late payment rate rising by 1.5 percentage points, there’s never been a better time to review your tax deadlines and cash flow.
At our specialist accounting firm, we work exclusively with therapists, psychologists, and other mental health practitioners to help them stay financially organised and stress-free. Whether it’s Income Tax, Self Assessment, VAT, or Corporation Tax, we make sure everything is submitted on time – so you can focus on supporting your clients, not chasing paperwork.
The new interest rate will increase to 8.5%, calculated as the Bank of England base rate plus an additional 4%. This is part of HMRC’s effort to encourage prompt payments and ensure fairness for those who pay on time. But for anyone falling behind, the cost of missing a deadline could be higher than ever.
We understand that managing your practice can be time-consuming, and tax deadlines aren’t always top of your list – especially when your priority is patient care. That’s where we come in. Our team offers friendly, clear advice and ongoing support to help you stay on track, avoid late fees, and feel confident in your financial setup.
If you’d like peace of mind around your taxes as these changes come into effect, we’re here to help. Get in touch today to find out how we can support your practice with expert accounting tailored to the mental health sector.