The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Interest on tax underpaid is a compulsory charge set out in tax legislation to reflect the interest which would have accrued to the Exchequer had the correct amount of tax been paid.
The Finance Act 2009 introduced a new harmonised regime in respect of interest for the late payment of tax to apply across all taxes, with the exception of corporation tax, from April 2010. The rules apply a single rate of simple interest on late payments.
The Taxes Management Act 1970 provides that tax 'shall carry interest' at the late payment rate from the late payment interest start date until the date of payment. As a result, there is an automatic charge to interest applied on any tax paid late.
A charge to interest can therefore arise in respect of:
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login