How to save 5% Self Assessment Surcharge Penalty
Mon, 22 Feb 2010 13:52:00
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The balance of self assessment tax for 2008/09 was due for payment on 31 January 2010, interest has been charged on unpaid amounts from that date. If tax for 2008/09 has not been paid by 28 February 2010 a 5% surcharge will be added in addition to the interest. The surcharge penalty applies only to the unpaid 2008/09 tax liability and not to the unpaid payments on account being made for 2009/10. So as far as you are able to paying off or reducing the unpaid tax on your self assessment account by 26 February 2010 will avoid or reduce the surcharge penalty. If you are unable to pay because of cash flow problems, HMRC may agree to allow you time to pay. The tax man will waive the surcharges on the tax covered by the arrangement if you stick to the agreed schedule of payments. So if you can’t pay your tax because of cash flow problems take action mow to establish a time to pay arrangement with HMRC by 26 February 2010. In the event that you haven’t paid your tax or made an arrangement with HMRC by the end of this week you may appeal against the 5% surcharge penalty, but for that to succeed you will need some reasonable excuse! Contact Nottingham Accountants, Marshall Smalley if you need help with your time to pay arrangement.  |
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