Pact Accountancy

If late tax is paid, HMRC may impose a late penalty.

• Failure to pay the tax within 30 days on January 31 2019, carries a 5% penalty.
• January 31 2021, another penalty of 5% penalty if not paid within five months after the tax penalty date.
• Also, there will be a third 5% penalty if you do not pay the tax within 11 months on January 31, 2021.

These penalties are in addition to the interest charged on all outstanding amounts, including penalties not paid until payment is made.