ACCA TX ^UK Syllabus A. UK Tax System & Administration - Late payment interest - Past Papers ^{1 / 2}

Rajesh is a sole trader. He correctly calculated his self-assessment payments on account for the tax year 2015–16 and paid these on the due dates.

Rajesh paid the correct balancing payment of £1,200 for the tax year 2015–16 on 30 June 2017.

What penalties and interest may Rajesh be charged as a result of his late balancing payment for the tax year 2015–16?

A Interest of £15 only
B Interest of £36 only
C Interest of £36 and a penalty of £60
D Interest of £15 and a penalty of £60

For the year ended 30 June 2014, Forgetful Ltd had a corporation tax liability of £166,250, which it did not pay until 31 July 2015. Forgetful Ltd is not a large company.

How much interest will Forgetful Ltd be charged by HM Revenue and Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 30 June 2014?

A. £1,801
B. £2,909
C. £5,403
D. £1,662

Quinn will not make the balancing payment in respect of her tax liability for the tax year 2013–14 until 17 October 2015.

What is the total percentage of penalty which Quinn will be charged by HM Revenue and Customs (HMRC) in respect of the late balancing payment for the tax year 2013–14?

A. 15%
B. 10%
C. 5%
D. 30%