Tax payment not paid on time

DebbieR

My OH set up a BACS payment to come out on the 28th but checking his statement online today it hadn't gone through. When he rang they said we didn't have sufficient funds( a cheque deposit we'd put in hadn't cleared by yesterday so it would have taken us about £50 over our overdraft limit, the deposit was showing on our account so I presumed we had enough in to pay-lesson learned ). We've transferred money from our savings account today but the BACS payment won't be triggered till Monday now. As the bank said the payment will take a couple of days to go through will we get a fine for late payment? We sent the return to HMRC about a month ago so that's ok, it's just the payment I'm worried about.

John_Pierpoint

Cancel the bank and pay by debit card (or credit card if you must).
You will get an email acknowledgement back to use as evidence should you end up filling in the appeal form that comes with the 100 GBP fine.

http://forums.moneysavingexpert.com/showthread.html?t=2234635

DebbieR

Thanks for the link to the earlier post. If we only have to pay interest on the amount rather than a penalty I think we'll just leave it as it is. The HMRC website says the interest charges are 3% and charged on a daily basis. I'm assuming this is 3% per annum which would mean on £1000 it would be around 40p. Is that right?

Mikeyorks

DebbieR wrote: »

Is that right?

If it's £1000 that is late ..... I would estimate around £0.24 if via BACS. The rules HMRC apply regarding when they deem payment is made .... are as follows for BACS to SA :-

One bank working day before we receive cleared funds.

...... so I think you will be charged a maximum of 3 days.