You will have interest to pay on anything you owe until HM Revenue & Customs (HMRC) receives your payment).
Furthermore, after a delay of 30 days, late payment penalties at 5% of the tax you owe will begin to apply. Additional late payment penalties will be added if the delay exceeds 6 months.
Please note, if you also registered for self assessment late (i.e. after 5th October 2014), you may also incur a Failue to Notify penalty. This will be 5% of any tax outstanding on 31st January 2014.
Your local TaxAssist Accountant would be happy to assist you with your affairs, from helping with the day-to-day bookkeeping, to completion of your accounts and tax return. We’ll also ensure that you’re claiming everything you’re entitled to and obtaining as much tax relief as possible. Please call us free to find out more.