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: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here 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 information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.