Chapter 8 - 1.6 - Late Payment

Question 1

What may a penalty be charged on?

Answer 1

Late payment of balancing payments under self-assessment

Question 2

What may a penalty not be charged on?

Answer 2

Payments on account

Question 3

What may interest be charged on?

Answer 3

Both balancing payments and payments on account

Question 4

When does the interest run from?

Answer 4

The day payment is due to the day payment is made, not including the due date or date of payment

Question 5

What do we need to remember about 2024?

Answer 5

It is a leap year, so February has 29 days and the entire year has 366