CT - Unpaid. Interest?

[MaryPoppins]

All

A wonderfully irresponsible friend of mine (contractor also) did not pay his CT liability on time, and has been asked by HMRC to pay it in full by the 31/12/2009. He has said they will be charging interest, but he seems unsure of how much. Not sure if anyone might have an idea?

[Gonzo]

All

A wonderfully irresponsible friend of mine (contractor also) did not pay his CT liability on time, and has been asked by HMRC to pay it in full by the 31/12/2009. He has said they will be charging interest, but he seems unsure of how much. Not sure if anyone might have an idea?

I would look here for guidance:

http://www.hmrc.gov.uk/rates/interest-late.htm

[MaryPoppins]

Ah, thanks Gonzo, for some reason I couldn't find anything like that.

[Dandyman]

For how long do those interest rates last? Eg, is it 3.5 to 5% per month/per annum? And did a penalty fee also apply?

And do they delve that deeply if you can't pay, or just hit you with the charges?