David Rudling (LexisNexis) answers a query on the penalty and the best way to avoid it.
Question
We are a manufacturing company and so far we have always managed to get our VAT returns and payments in on time. But times are hard and delays in payments by our customers are having an impact on our cash flow. I am aware that there is a penalty for submitting VAT returns and making VAT payments late. What is the penalty and what’s the best way of avoiding it?
Answer
The penalty is known as the default surcharge. You are in default if you submit a VAT return or make the related payment after the due date. The penalty is a percentage of the amount of the late payment so it follows that the submission of a...
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David Rudling (LexisNexis) answers a query on the penalty and the best way to avoid it.
Question
We are a manufacturing company and so far we have always managed to get our VAT returns and payments in on time. But times are hard and delays in payments by our customers are having an impact on our cash flow. I am aware that there is a penalty for submitting VAT returns and making VAT payments late. What is the penalty and what’s the best way of avoiding it?
Answer
The penalty is known as the default surcharge. You are in default if you submit a VAT return or make the related payment after the due date. The penalty is a percentage of the amount of the late payment so it follows that the submission of a...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
