A new change from HMRC could see them gain an extra £200 million per year – but UK residents need to be aware of what this could mean for them.

The money will be raised through increasing interest payments on late payments, according to accountants Price Bailey, reports BirminghamLive.

Chancellor Rachel Reeves announced the Labour Budget this week – interest charged on unpaid tax liabilities will rise by 1.5% percentage points to the bank rate plus four percentage points, say…