Avoid interest on tax by checking your provisional 2017 tax assessment now!
The option is available until the first of May 2018 to change your provisional income and corporation tax assessment(s) for 2017 without the Tax and Customs Administration levying interest on tax.
The essence of “interest on tax” is that your outstanding income tax will be augmented by interest at a rate of 4% or more, whereas your outstanding corporation tax will have an 8% or greater interest charge added to it. This should give you ample reason – independently of the sanctions for wilfully understating the tax estimates you file with the tax office – to devote careful attention to your provisional assessment application (and check your provisional tax assessment for 2018 while you’re about it).
We cannot stress enough the importance of keeping up to speed on the latest fiscal developments in order to ward off unpleasant surprises. It is our pleasure by means of our news articles to keep you posted on what is happening fiscally.