The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Interest on tax underpaid is a compulsory charge which essentially compensates the Exchequer for the interest that would have accrued to it had the correct amount of tax been paid on the correct date.
A harmonised regime is in place in respect of interest for the late payment of all taxes, with the exception of corporation tax (see below). The regime applies a single rate of simple interest on late payments, rather than applying a different rate to different taxes. This guidance note focuses on interest payable by companies. For details of interest payable under self assessment for individuals, such as partners and sole traders, see the Interest and penalties on late paid tax under self assessment guidance note.
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.
A charge to interest can therefore arise in respect of:
payments on account
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