Revenue fines timely taxpayers with interest

Hundreds of taxpayers could be hit by late interest charges from the Inland Revenue - even though they sent their tax returns in on time, it was disclosed yesterday.

According to guidance issued by the tax office, senders are only liable if they fail to send a cheque by the payment deadline for the previous tax year – January 31.

Yet Anita Monteith of the Institute of Chartered Certified Accountants has shown one Sunday newspaper a receipt showing she paid her tax bill on January 31, but received four days’ interest at 5 per cent.

The Revenue has since told Monteith that the charges are part of a nationwide problem, and that tax office staff will be reminded of the rules.



 

3rd May 2005

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