If you’re up to date on your Self-Assessment payments then this will not be a problem for you.
However, for some, the 2nd March could just be about to become a very expensive day.
Any tax due for the year ended 5 April 2019 should have been paid by 31 January 2020. After that you have to pay interest, the current rate is 3.25%. So, on outstanding tax of £10,000, this is about 92p per day. Not too bad a rate if you need to buy a bit more time..
Here’s the catch though, any tax not paid 30 days after the due date (ie by close of play 1st March 2020) will be subject to a surcharge of 5% ie £500 on (£10,000 of outstanding tax).
The key facts are:
As always, if we can be of any help, please do get in touch.
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