Last chance saloon
I have written several times on my blog to warn people about the dangers of not paying their tax on time; but today really is the "last chance saloon".
If you should have paid tax on 31 January 2009 and the taxman does not get your cheque by the 28 February, he will impose a 5% surcharge on your tax bill, even if your payment is only a matter of days late.
If your payment is two days late, this amounts to nearly 1000% interest, a truly staggering rate by anyone's standards!
So, whoever you don't pay at the end of the month, in these credit crunch times, make sure it is not the tax man!
Even credit card interest rates at 26.5% seem extremely modest in comparison to HMRC's swingeing levy.
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