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I assume it is interest on the last years payments on account that were reduced/deferred?
@William. - It's easier said than done, but I see it as once you stump up the initial payment on account, then you are basically just paying your owed tax every 6 months rather than every year. Doesn't work so well if your income is very inconsistent year to year or month to month.
What have they charged you interest on, the first payment that was due on the 31st of July?
No idea if they'll be able to cancel it but they should be able to spread the cost, or even just add it to your tax code so it comes out at source over the next 12 months with your CIS payments. Getting through to HMRC can be a struggle but I've generally found them pretty understanding and helpful if you're not taking the piss.