Late tax

I have only just paid my second Payment on Account for my income tax that was due by 31st July 2012. Will I now be charged interest and penalties?

19th October 2012

Interest will be charged from the due date until HM Revenue & Customs (HMRC) receives your payment. HMRCís current rates of interest can be found on their website www.hmrc.gov.uk.

However, late payment penalties do not apply to payments on account. And therefore, no penalties will be charged.

Your local TaxAssist Accountant would be happy to give you tips and tools to help you manage your cashflow and meet your tax liabilities moving forward.

By Jo Nockels

Disclaimer: Advice shared in this blog is intended to inform rather than advise. 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 forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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