A company calculates its corporation tax liability for the year to 31 August 2022 as £120,000 and pays this amount on 1 June 2023. The company's corporation tax return is submitted during August 2023 and the tax liability for the year is finalised at

£124,650. The balance of £4,650 is paid on 3 October 2023. The company is not a large company for the purposes of payment by instalments. Calculate the interest payable, assuming an interest rate of 6.75% per annum.