Can the HMRC add interest to money underpaid?
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Can the HMRC add interest to money underpaid?
by taxsucks on Sat Dec 03, 2011 10:15 am
Can the HMRC add interest to money underpaid?
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Re: Can the HMRC add interest to money underpaid?
by mullet on Sat Dec 03, 2011 11:09 am
Yes, under Section 86 Taxes Management Act 1970. Interest runs from the relevant due date, which for self assessment is usually the 31 January following the end of the relevant year of assessment. But if an income tax underpayment is included in a tax code, then no interest will be added.
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