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Payment Date, Interest and Penalties (Interest on Tax Paid Late (If POA is…
Payment Date, Interest and Penalties
Payment of Tax
Payments on account
1st POA due 31 January
2nd POA due 31 July
Each POA 50% of the tax liability
Balancing Payment
Deduct previous years payments on tax liability to calculate how much tax is due or repayable.
Capital Gains Tax
Always due 31 January so no POA
TMA 1970 s59A-B
Interest on Tax Paid Late
If POA is late
Interest rate: 3%
If balancing payment late
Income tax liability x days late/365 x 3%
FA 2009 s.101
Penalties
Additional 5% on o/sing tax due after 5 months
Additional 5% on o/sing tax due after 11 months
5% on o/sing tax due after 30 days late
FA 2009 Sch 56
Reasonable Excuse
Taxpayer (or family member) suffering serious illness or bereavement is reasonable excuse
Not having the available funds is NOT a reasonable excuse
Payment in post but arrived late is a reasonable excuse