Mistakes happen. You are liable to pay the car tax at the correct rate. An exception to this might be if the mistake happened a couple of years ago and then you could argue that it wasn't reasonable to be asking for payment at this stage.
Obviously you need to check the correct rate of car tax for your vehicle on a .gov.uk web site before you send any payment.
I expect that you've been notified (or, if you do nothing, you will be notified) that the current tax disc may become invalid. While it's unlikely that you could be stopped by the police at this stage, it is still an offence to drive without a valid tax disc.