(a) A company calculates its corporation tax liability f or the year to 30 September 2017 as £250,000 and pays this amount on the due date. The correct liabi lity for the year eventually turns out to be £274,000 and the company pays a furt her £24,000 on 17 October 2018. Calculate the amount of interest payable by the company ( assuming an interest rate of 2.75% per annum).

(b) A company calculates its corporation tax liability for the year to 30 November 2017 as £390,000 and pays this amount on the due date. The correct liability for the year eventually turns out to be only £ 333,000. The necessary repay ment is made on 18 February 2019. Calculate the amount of interest payable to the company (assuming an interest rate of 0.5% per annum).
Neither company is a large company for the purposes of payment by instalments.