Interest on late payment of NIC & PAYE

Is this a non allowable expense?

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Hi, I'm hoping someone can advise me please.  I'm currently reviewing the balance sheet of the company I book keep for.  Over the last couple of years there have been constant interest charges on PAYE and NIC paid late.  The payments to HMRC have been coded to NIC & PAYE payable, but I'm sure the interest element should be coded to a non allowable expense in the P&L, am I right please?  Thank you

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By Ruddles
18th Oct 2018 13:55

You can code it to where you want - the key point is to ensure that it is not allowed for tax.

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By Quercus25
18th Oct 2018 13:58

Thank you :-)

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