InFogarty v HMRC[2014] UKFTT 936 – 7 October 2014 the FTT found that the company had had a reasonable excuse for the late payment of VAT.
Fogarty produces duvets quilts pillows etc. which it supplies to major high street companies. Fogarty was late in making a balancing payment (under the payment on account scheme) due on 28 March 2013.
Fogarty’s finance director had written to HMRC explaining that the company was unable to make the payment on time but would pay by 15 May 2013. He explained that the company had secured a large new contract with a major retailer for quilts with low tog ratings. The retailer had then postponed the launch from March to May due to an unusually cold winter. The result was that the company had a large amount of working capital tied up in finished...
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InFogarty v HMRC[2014] UKFTT 936 – 7 October 2014 the FTT found that the company had had a reasonable excuse for the late payment of VAT.
Fogarty produces duvets quilts pillows etc. which it supplies to major high street companies. Fogarty was late in making a balancing payment (under the payment on account scheme) due on 28 March 2013.
Fogarty’s finance director had written to HMRC explaining that the company was unable to make the payment on time but would pay by 15 May 2013. He explained that the company had secured a large new contract with a major retailer for quilts with low tog ratings. The retailer had then postponed the launch from March to May due to an unusually cold winter. The result was that the company had a large amount of working capital tied up in finished...
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