5% late payment penalty on any 2016/17 outstanding tax which was due on 31st January 2018 and still remains unpaid.
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities.
The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2017 was due for payment by 31st January 2018. Where the payment is made late interest will be charged. On 3 March 2018 a late payment penalty of 5% will be added to the outstanding liability.
If we have already dealt with this matter on your behalf you need take no action.
If you would like to discuss any of this further then please contact us 0116 2423400