Interest calculation

We have recently been charged £5889.08 in interest due to late payment. I have requested details of how this has been calculated and a document listing the calculations but I have received no response. How do I obtain this information? Peter Crowe

Hi,
 

Log into the HMRC portal, once you have logged into the portal select the accounting period where the interest charge hass arisen and click on the late payment interest link, this will take you directly to the calculation . Thank you .

 

Hi I am unable to find any interest calculations or lists of interest charged. Will you please provide a detailed mechanism to reach these calculations? Regards Peter

Hi,
 

Guidance on corporation tax interest charges can be found on our website at www.gov.uk/guidance/corporation-tax-interest-charges.  You will note there is a link to guidance on HMRC interest rates for late and early payments which  contains the information you require . Thank you .

Hi The interest that we were charged was not for Corporation Tax but for late payment of CIS deductions. Will you please provide the details for interest calculations for this so that I can attempt to work out how you have calculated the interest charged? 

Name removed admin . 

Hi The link that you sent me relates to Corporation Tax, our problem was with CIS. The information provided defines how the interest should be calculated. What we need to see is the actual calculation made as this does not seem to follow the details provided. Where can we log in to see the actual calculation of the interest not how it should be calculated? Regards Peter

Hi ,
 

If you want specific information relating to the company’s interest charges you can view this on your business tax account. However, if you need further information does not provide on the accounts, then you will need to write into us. I am unable to provide this kind of information on this forum. Thank you .

Hi Will you please provide details of the person and address to write to> Regards 

Name removed admin .

Hi ,
 

You should be able to view interest charges in your online account.  Late payment interest is charged on the amount of unpaid tax outstanding after the payment due date and continues to accrue until payment is made in full.  If you have a specific query please write to us at Corporation Tax Services, HM Revenue and Customs, BX9 1AX.  Please note that there is no right of appeal against interest which has been correctly charged. Thank you .

Hi,

Unfortunately it is not possible for you to see a breakdown of their interest calculation online. You  can contact our Employers team and they should be able to provide a reakdown of the late payment interest calculation.

Employers: general enquiries

You can see guidance on interest on late payment of PAYE and CIS for employers, which also includes the link to our interest rates which provides current and previous interest rates applied by us, here:

Interest on late payment of PAYE and CIS for employers 

Thank you