Practice assessment 2 task 7 a

kelly2021
kelly2021 Registered Posts: 16
Hello

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

Comments

  • 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 MAAT Posts: 471
    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%

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