Use of Money Interest – meaning and definition
What is Use of money interest?
Use of Money Interest is charged by IRD if income tax for the year is underpaid. It starts on the day after the original due date for the amount owing and stops on the date the outstanding balance, including interest gets paid in full. The percentage does not compound. There is also a corresponding scheme to pay on over payments.
Use of money interest – video guide
Gina Brighouse, our Client Relationship Manager, explains use of money interest.