LIBF DipFA AFAT Practice Questions - LIBF DipFA Module 2 - Advanced Financial Advice Taxation (AFAT) Exam

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An individual fails to pay their Self-Assessment tax liability due on 31 January. Under HMRC rules, at what point is the initial 5% late payment penalty applied to the outstanding tax?

1 day late (1 February) 30 days after the due date (3 March) 60 days after the due date 6 months after the due date

Correct Answer:

30 days after the due date (3 March)

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