Penalties and interest will be charged by the Inland Revenue in respect of payments of tax which are made late.
The penalty ranges from a 5% surcharge if tax remains outstanding for up to 6 months to 10% for over 6 months.
Interest will be charged on any outstanding balance of tax, from the date the payment was due to the date payment is made.
Late submission of a tax return
Penalties will be charged where the self-assessment tax return is not submitted by the due date (being 31st January following the year of assessment).
If the return is late by up to 6 months the penalty will be £100. If it remains outstanding for over 12 months the penalty will be £200 plus 100% of the tax unpaid for the year concerned
