Practice assessment 2 task 7 a

kelly2021 Registered Posts: 16

Can anyone please let me know how to calculate daily penalty and interest based penalty? Thank you very much.


  • mahbubdf
    mahbubdf Registered Posts: 2
    Hi, no one reply this question. Please can any explain the answer. I do not understand as well
  • mahbubdf
    mahbubdf Registered Posts: 2
    Practice assessment 2 task 7 a
  • Pian32
    Pian32 Registered Posts: 474 Dedicated contributor 🦉
    So you have different types and timings for the penalties that all add together.

    The filing penalties are:

    You have the £100 fixed immediate.
    You then are charged £10 a day after 3 months until you hit 90 days (max £900). This will start on the 1st May XX.
    There is then a further 300/5% (higher) if it's 6 months late (1st August XX)
    and another 300/5% (higher) at 12 months late (1st Feb XY)

    The interest based penalty in (a) is referring to the 300/5% sections

    Late payment is based on amount outstanding and is applied:

    30 days late - 5% outstanding
    6 months - a further 5%
    12 months - a futher 5%

    AAT Level 4, MAAT
    ACCA in progress
    F4- Passed Aug 2020
    F5- Passed Dec 2020
    F6- Passed Sep 2020
    F7- Passed June 2021
    F8 - Passed Sep 2021
    F9 - Passed June 2021

    SBL -
    SBR - Passed Mar 22
    ATX - Passed Dec 21
    APM - Passed June 22
Privacy Policy