Accounting · UK Income Tax Interest and Penalties
Rajesh is a sole trader. He correctly calculated his self-assessment payments on account for the tax year 2024/25 and paid these on the due dates. However, he paid the correct final balancing payment of £1,200 for the tax year 2024/25 late on 30 June 2026. Under HMRC rules, what penalties and interest may Rajesh be charged as a result of this late balancing payment?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Interest of £39 only
- 2Interest of £93 only
- 3Interest of £93 and a penalty of £60
- 4Interest of £39 and a penalty of £60✓
Correct answer
Interest of £39 and a penalty of £60
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