From 83cb966a7530b2e69d3b29de4d8aa1825438493f Mon Sep 17 00:00:00 2001 From: syed-ali-tw Date: Thu, 8 Aug 2024 14:47:51 +0100 Subject: [PATCH] Update late payment interest rate Interest rate for late payment penalty for self assessment is changing from after 20th August 2024, its going down from 7.75% to 7.5% details are in ticket: https://trello.com/c/wRb7OoFK/285-change-interest-rate-in-estimate-your-penalty-for-late-self-assessment-tax-returns-and-payments --- .../calculators/self_assessment_penalties.rb | 3 ++- .../calculators/self_assessment_penalties_test.rb | 12 ++++++------ 2 files changed, 8 insertions(+), 7 deletions(-) diff --git a/lib/smart_answer/calculators/self_assessment_penalties.rb b/lib/smart_answer/calculators/self_assessment_penalties.rb index e95b0e4ef5b..63a8ea7b687 100644 --- a/lib/smart_answer/calculators/self_assessment_penalties.rb +++ b/lib/smart_answer/calculators/self_assessment_penalties.rb @@ -55,7 +55,8 @@ class SelfAssessmentPenalties < OpenStruct { start_date: "2023-04-13", end_date: "2023-05-30", value: 0.0675 }, { start_date: "2023-05-31", end_date: "2023-07-10", value: 0.07 }, { start_date: "2023-07-11", end_date: "2023-08-21", value: 0.075 }, - { start_date: "2023-08-22", end_date: "2100-04-04", value: 0.0775 }, + { start_date: "2023-08-22", end_date: "2024-08-19", value: 0.0775 }, + { start_date: "2024-08-20", end_date: "2100-04-04", value: 0.075 }, ].freeze def tax_year_range diff --git a/test/unit/calculators/self_assessment_penalties_test.rb b/test/unit/calculators/self_assessment_penalties_test.rb index 9b2fe5fd944..d567e25213c 100644 --- a/test/unit/calculators/self_assessment_penalties_test.rb +++ b/test/unit/calculators/self_assessment_penalties_test.rb @@ -313,10 +313,10 @@ def setup assert_equal 5695, @calculator.total_owed @calculator.payment_date = Date.parse("2025-02-03") assert_equal 750, @calculator.late_payment_penalty - assert_equal 6140, @calculator.total_owed + assert_equal 6134, @calculator.total_owed @calculator.payment_date = Date.parse("2025-08-03") assert_equal 750, @calculator.late_payment_penalty - assert_equal 6332, @calculator.total_owed + assert_equal 6320, @calculator.total_owed end context "HMRC Covid-19 Extension to 1 April for 2019-20" do @@ -443,10 +443,10 @@ def setup end context "late payment interest rates" do - should "after May 31st, the user should have a late payment penalty of 7.75%" do - @calculator.payment_date = Date.parse("2024-06-1") - assert_equal 250, @calculator.late_payment_penalty - assert_equal 128.46, @calculator.interest.to_f + should "user should have a late payment penalty of 7.5% after August 19th 2024" do + @calculator.payment_date = Date.parse("2024-08-20") + assert_equal 500, @calculator.late_payment_penalty + assert_equal 213.39, @calculator.interest.to_f end end end