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Incorrect reminders from HMRC could leave taxpayers facing late payment interest

10/01/2019 News Team

Self-assessment tax payers may be faced with late payment interest due to receiving incorrect payment reminders from HMRC, says accounting, tax and advisory firm Blick Rothenberg.

HMRC’s software currently has an issue resulting in some taxpayer accounts not showing details of payments on account due, meaning the reminders that are received may be incorrect.

Despite this being HMRC’s error, if taxpayers do not make their payment on account on time they could be subject to late payment interest of 3.25 percent on the unpaid amount. 

Many taxpayers in self-assessment have to make tax payments by 31 January. This amount can consist of a balancing payment for the previous tax year (2017/18) and the first payment on account towards the tax due for the current tax year (2018/19).

Stefanie Tremain, senior manager at Blick Rothenberg, commented: "Taxpayers will understandably rely on the information sent to them by HMRC, but for peace of mind it's important that they double check the amount due in January 2019 with their accountant, or for those without an accountant, they need to check their completed 2017/18 tax return.

“It is unclear how many taxpayers are affected, or whether HMRC will be contacting those who are, but with the payment deadline fast approaching it is hoped that this will be rectified as soon as possible.”

 

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