This is a late reminder for any clients who have not yet paid their Self-Assessment liability which was due on 31st January.
Interest will be running from 1st February but if there are any amounts of tax still outstanding as at 28th February, HMRC will apply an additional 5% surcharge.
However, if you contact HMRC and make arrangements to pay, the surcharge will not be applied. Interest will continue to run but you will save the cost of an additional 5%.
Therefore, if this applies to you, then we strongly recommend you contact HMRC as soon as possible to put payment arrangements in place.