If you pay your tax late HMRC will charge interest from the date the tax was due until your payment is received.

If you still haven’t paid your balancing payment (due on the 31 January) by 28 February, you may be charged a 5 per cent additional charge, called a surcharge, on top of the amount you still owe. This is in addition to any interest you’ve been asked to pay.

If you still haven’t paid all of the tax due on 31 January by 31 July, you may be charged a second 5 per cent surcharge on top of the amount you still owe.

Doing nothing can become very expensive, so act now.

This entry was posted on Friday, February 12th, 2010 at 8:14 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.