For the year ended 30 June 2022, Forgetful Ltd had a corporation tax liability of £166,250, which it did not pay until 31 July 2023. Forgetful Ltd is not a large company. How much interest will Forgetful Ltd be charged by HM Revenue & Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 30 June 2022? O £450 O £2,701 O £5,403 O £1,801
In the UK, HM Revenue & Customs (HMRC) charges interest on late corporation tax payments. The interest starts accruing from the day after the tax is due until the date it is actually paid. For a non-large company, corporation tax is generally due 9 months and one day after the end of the accounting period. For the year ended 30 June 2022, the corporation tax would be due by 1 April 2023. Forgetful Ltd paid their tax on 31 July 2023, which means they were late by 3 months (April, May, June) and 30 days (July). To calculate the interest, we would need the exact interest rate charged by HMRC for late payments. This rate can change over time, so you would need to use the rate applicable for the period from 1 April 2023 to 31 July 2023. However, since I don't have the current HMRC late payment interest rate at the time of your question, I can't provide an exact figure. You would calculate the interest as follows: Interest = Tax Due x Interest Rate x Number of Days Late / 365 Once you have the correct interest rate, you can plug in the numbers to get the exact amount of interest due. If you have the rate, you can use the above formula to calculate the interest. If not, you would need to check the current rate on the HMRC website or contact them directly. Given the options
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