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Convert a nominal rate of interest (compounded monthly) to an annual percentage rate.
The nominal rate of interest applied.
Note: These calculations are only for illustrative purposes and are not a substitute for professional advice.
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Research carried out by the Federation of Small Businesses (FSB) has found that fewer small firms are looking to hire as a result of rising labour costs and the upcoming Employment Rights Bill.
HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate.