How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Marcinlondon Your Own Question
Marcinlondon
Marcinlondon, Solicitor
Category: Law
Satisfied Customers: 859
Experience:  Qualified Lawyer - 8 years experience
110941711
Type Your Law Question Here...
Marcinlondon is online now

I have a question about self assessment tax/interest

Customer Question

I have a question about self assessment tax/interest incurred
JA: Where are you? It matters because laws vary by location.
Customer: Nottingham, England
JA: What steps have you taken so far?
Customer: None
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I dont think so
Submitted: 18 days ago.
Category: Law
Expert:  Marcinlondon replied 18 days ago.

Hello, this isCustomerand welcome to JustAnswer. I will be the lawyer working with you today and I will be happy to advise you to the extent possible on this platform. I will review your question and I will be back with my answer shortly. You will get notified when my answer is ready therefore there is no need to wait online. You will have a chance to request a call. You will see an automatic prompt. Please feel free to request it but do not feel obliged to do so. Please do note that my response is not instantaneous but I will always aim to get back to you on the same day with my answer, or request more information, if appropriate. Lastly, please note that our discussion on this site is for general information purposes only and do not replace any legal advice you might need, and does not create a lawyer-client relationship. Thank you for your patience whilst waiting for my answer.

Expert:  Marcinlondon replied 18 days ago.

Is your question legally related at all?

Expert:  Marcinlondon replied 18 days ago.

We do not answer tax related queries unless they are legally related.

Expert:  Marcinlondon replied 18 days ago.

Please set it out and I will see if I can help.

Customer: replied 18 days ago.
Is there a maximum amount of interest HMRC can charge if there was an underpayment of tax (few hundred pounds) from 9 years ago. Can any company just keep charging interest years later is what I'm asking?Paul
Expert:  Marcinlondon replied 18 days ago.

A regular company can't - most of them would be time barred.

Expert:  Marcinlondon replied 18 days ago.

However, HMRC is not a regular company, you could try to challenge them by raising a time bar but you would need a tax advisor to asses their response. Have you seen the following: 

https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates#:~:text=There%20are%20two%20rates%3A,as%20the%20'minimum%20floor')

Expert:  Marcinlondon replied 17 days ago.

I hope this was helpful. Please feel free to get back with anything else. I will help to the extent I can.