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Still have 20k HMRC to pay. HMRC advised “anyone who cannot pay their Self Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April. Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.”
Does anyone know HMRC interest charged and calculated how often? Daily?
As no penalty, Hoping to utilise £10k Curve fronted for Jan and then again 1 Feb (which take 2-3 days for HMRC to receive) as points maybe worth the interest? Not sure would like to get into above with the accountant.
There’s a calculator here https://www.gov.uk/estimate-self-assessment-penalties
It’s 2.75% per year, so I’d expect a 75.3p penalty per day on a £10k balance (oh and total rounded down to nearest £)
In my experience, HMRC has waived interest if it’s a day or two late… As you say, it’s too complex to explain to my accountant, but I’ve paid parts of bills at 00:01 on 1 Feb (or equivalent – for VAT, CT, etc) – especially in my old pre-Metal days, when there were low daily limits – and not been charged interest, most recently in October for a big CGT bill
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