Interest will indeed be charged from the due date, to the date HM Revenue & Customs received their payment from you at their official ‘Late payment interest rate’. However, there are no late payment penalties for corporation tax at the moment.
Please note, this only applies to the payment of your company’s outstanding corporation tax. So if you also filed the company’s corporation return late, then HMRC will charge you late filing penalties.
If you are finding it difficult to keep on top of your company’s affairs, your local TaxAssist Accountant would be happy to deal with this for you. They can review your company’s affairs for any tax planning opportunities or reliefs available to you and help you manage your cashflow more effectively.
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.