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Help! HMRC tax payment will i be charged late fee??

(5 Posts)
bebemad Thu 31-Jan-13 15:23:33

I only just paid my tax, I paid by doing a bank transfer online so not sure how long it will take to process if it takes a day to clear will i be charged the £100 late fee? TIA

LadyKooKoo Thu 31-Jan-13 16:50:01

The £100 is for not submitting your tax return and is not related to when you make payment.

LadyKooKoo Thu 31-Jan-13 16:51:09

Late payment interest is only charged if it is 30 days late so you have nothing to worry about.

MrAnchovy Thu 31-Jan-13 16:51:25

The £100 penalty is for late filing of your return, not late payment. Did you file your return on time?

There is no penalty for payment of tax through Self Assessment less than 30 days late. But HMRC now accept Faster Payments that go through the same day from most UK accounts.

MrAnchovy Thu 31-Jan-13 16:55:01

Actually interest is charged if it is only a day late, but as this is at 3%pa a day late with £10,000 would only be 82p.

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