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tax administration-POA

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › tax administration-POA

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Tax Tutor.
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  • July 1, 2020 at 9:38 am #575601
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    sir in case of excessive claim to reduce POA the interest charged can be apportioned in days? for example a person pays POA on 12 august instead of the usual on 31 july. so how exactly is interest charged(3.25% p.a.) in such a case?

    July 2, 2020 at 4:56 pm #575751
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The exam will only require interest to be computed to the nearest month but in practice it will be on a daily basis – so if a payment is made 18 days late the interest would be 18/365 of the annual amount

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