You will have interest to pay on anything you owe until HM Revenue and 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 six months and more at 12 months.
At TaxAssist Accountants, we 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.
If you’re struggling to keep on top of your tax affairs, call us on 0800 0523 555 or complete our contact form here and we will be happy to take care of this on your behalf.
Last updated: 29th January 2021This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.