SATR - Payment of 60p? Do I need to pay it?

Phildubya74

Bit random but I hope there maybe the knowledge here.. To those of you that complete SATR or who are maybe accountants.. my calculation says I owe 60p! Some of my chums at work say I don't need to pay it if it's less than £1. Is that right? Id rather try and pay 60p than get a fine of £100..Getting through to the HMRC over the past few days has been near on impossible.

Thanks

Dazed_and_confused

Wouldn't it be simplest to just file your return now rather than risk a £100 fine!

Once you filed the return you will owe 60p and HMRC can charge interest for late payment but that is only something like 3-4% so minimal on 60p even if unpaid for a year.

They used to be happy for you to pay small amounts like this when you next had something larger to pay (or would pay it off out of a later years refund if you overpaid next time around).

hopon

£100 fine is only for submission of the return, not related to the actual tax payment.

Less than £1 they won't normally chase and will either leave it on your record or write it off. If you want to pay you can just do it through their website or pay by bacs from online banking.

Phildubya74

Thanks
I had already submitted the SATR.

Ive now paid it. Oddly is was 40p!

Anyway they have their money!