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Paying Tax
Paying too little tax might seem a good idea but the Inland Revenue eventually checks all Tax Returns and if they discover that you have underpaid tax they will:
- Ask you for the extra tax they think you owe
- Charge interest and a surcharge on the tax paid late
- Possibly make other enquiries into your Tax Return
It is also worthwhile paying any tax you owe on time as paying tax late will result in an interest charge and possibly surcharges. It is interesting to note that:
- If you owe tax to the Inland Revenue, interest can be charged at 7.5%*
- If the Inland Revenue owe you a refund, interest can be added at 3.5%*
Rates at 6th September 2004
Click on Tax Diary for more details of when you have to pay your tax.