Section A: Q6

Specimen exam

Q6 Section A

2 marks

For the year ended 31 December 2018, Lateness Ltd had a corporation tax liability of £60,000, which it did not pay until 31 March 2020. Lateness Ltd is not a large company.

How much interest will Lateness Ltd be charged by HM Revenue and Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 31 December 2018?