Frances paid income tax and Class 4 NICs of 47,000 for tax year 2020-21, of which 19,000
Question:
Frances paid income tax and Class 4 NICs of £47,000 for tax year 2020-21, of which £19,000 was paid via the PAYE system. Her total liability for 2021-22 is £69,000, of which £21,000 is paid via PAYE. Her payments for 2021-22 are as follows:
Calculate the late payment penalties and interest payable for the year, assuming that any penalties are paid on 15 December 2023 and that interest is charged at 2.6% p.a.
Also assume that the current late payment penalty system applies throughout.
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Step by Step Answer:
To calculate the late payment penalties and interest we need to understand the UKs selfassessment tax payment system and the penalties associated with late payments Here is the general system of late ...View the full answer
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