We are in the spiral of increasing finance costs which impinges on both personal and business arenas.
HMRC charges interest on any tax owing and on the penalties and charges incurred as a result of the late payment of tax owed. So,it makes sense to not pay more to HMRC than is necessary!
Therefore, we once againadvise paying HMRC as there is interest charged on unpaid tax – at a rate of 2.5% over the bank base rate. There is also a 5% surcharge added to any tax unpaid on 28 August unless a payment plan has been agreed with HMRC.
This interest is not tax deductible for unincorporated businesses or on personal tax liabilities.
Please contact us if you are having problems paying tax bills and we can help you put in place a payment plan or possibly obtain finance in one way or another to help meet those tax bills.
