Paying HMRC by Deadline?

[AndyAudi]

Have looked at their site & want to confirm my understanding

Both Return & Payment are due by COP today.

Return is in so no £100 fine will be applied

However

Payment - Late Payment Penalty of 5% only after 30 days late

So am I right in thinking there's no hurry in forking out £12 for a same day transfer as they have still a month to get the money before I'm penalised?

[jdw1234]

AndyAudi said:

Have looked at their site & want to confirm my understanding

Both Return & Payment are due by COP today.

Return is in so no £100 fine will be applied

However

Payment - Late Payment Penalty of 5% only after 30 days late

So am I right in thinking there's no hurry in forking out £12 for a same day transfer as they have still a month to get the money before I'm penalised?

Even better.

They are on strike so you get till the 2nd Feb!

[AndyAudi]

jdw1234 said:

Even better.

They are on strike so you get till the 2nd Feb!

Returns in

I'm wondering about not paying until end of Feb.

[sumo69]

No penalty until 28/2 though interest @ 3% per annum (which is £3 per £1000 per month roughly)will be charged.

D

[Robsti]

Is payment not due by the 31st January?

[sinizter]

Robsti said:

Is payment not due by the 31st January?

Yes. But if not made, only interest will be charged until end of Feb. Penalties only start after Feb.

3% per year equates to about 0.25% per month - much cheaper than any other borrowing you can find.

[Robsti]

sinizter said:

Robsti said:

Is payment not due by the 31st January?

Yes. But if not made, only interest will be charged until end of Feb. Penalties only start after Feb.

3% per year equates to about 0.25% per month - much cheaper than any other borrowing you can find.

Borrowing to pay tax !

[jdearden]

this is a weight off my mind as i may have forgotten is was due today. thye can wait a few weeks :-)

[Eric Mc]

The 5% surcharge only applies to that part of the 31 January payment that relates to tax year 2010/11. If there is a 1st Payment on Account for 2011/12 included in the 31 January payment (which is the norm for many), the 5% surcharge is NOT levied on that.

[sinizter]

Robsti said:

sinizter said:

Robsti said:

Is payment not due by the 31st January?

Yes. But if not made, only interest will be charged until end of Feb. Penalties only start after Feb.

3% per year equates to about 0.25% per month - much cheaper than any other borrowing you can find.

Borrowing to pay tax !

Business opportunities come when they come.

Sometimes, financial situation which are not ideal may arise.

[Robsti]

sinizter said:

Business opportunities come when they come.

Sometimes, financial situation which are not ideal may arise.

Yes but the tax bill is as regular as clockwork 31st Jan/ 31st Jul !