Questions and Answers
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?
Interest will be charged from the due date until HM Revenue & Customs (HMRC) receives your payment. HMRC’s 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.
Date published 5 Dec 2012
This 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.Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.