Interest on Tax
If tax is not paid on time interest is due.
There are some circumstances where it is worth a debate with HMRC on whether interest is payable. Perhaps the late payment is because of an error by HMRC. In such cases the matter is reviewed by Interest Review Units. But there is no appeal against an interest charge.
HMRC say,
” The key principle is that giving up interest is based on the fact that a mistake or unreasonable delay by HMRC, financially disadvantaged the customer by:
- making an interest charge that would not otherwise have had to be paid or
- increasing the amount of a interest charge that already existed or was accruing.
Where necessary all relevant papers and reports will be reviewed by the IRU to enable a reasoned judgement based on the facts of the case. “
Our approach is geared to achieving the best result for you as quickly as possible. While we aspire to a productive relationship with Inspectors of Taxes we will present your case vigorously and robustly. At all times you will be kept informed of developments and options for settlement will always be clearly explained to you.
We will:
- advise on the interest legally due
- advise on the likely HMRC demand
- advise on the scope for negotiation
- advise on the merits of an approach to the Interest Review Unit
- conduct negotiations with HMRC
- settle the issue
For further information please contact Iain Macleod on 0115 983 5580 or mobile 07920 146800 or email Iain at imacleod@edftax.co.uk
