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VAT Administration (Normal VAT invoices (Less detailed VAT invoice (If…

- - - - Notice for next 12 months (Surcharge Period)
    - - First time
        
        2% of unpaid VAT if > £400
      - Second time
        
        5% of unpaid VAT if > £400
      - Third TIme
        
        HIgher of:
        
        £ 30, OR
        
        10% of unpaid VAT
      - Fourth time
        
        Higher of:
        
        £ 30, OR
        
        15% of unpaid VAT
- - - - Taxable turnover ≤ £1,350,000 p.a
      - Leave scheme if turnover > £1,600,000
    - - Output VAT not payable until cash is received
      - Automatic relief for impaired debts
    - - Input VAT cannot be claimed until it is paid
      - Not suitable for cash sales (business)
      - Not suitable for zero-rated supplies
  - - - Same as CAP
  - - - Taxable turnover (excl. VAT) for next 12 months ≤ £150,000 (excl. VAT)
      - Leave scheme if Total turnover > £230,000 (incl. VAT)
- - - - Input VAT
      - Claims
        
        Reliefs
        
        Impaired Debt
        
        Any earlier return Errors
        below de minimis limit
      - Output VAT
    - - VAT liability exceeding £2,300,000 p.a
        
        Monthly Payments required
        
        Payment at 1/24th of last year VAT liability
        
        Any adjusted amount paid with normal VAR return
        
        Any other method can be agree with HMRC
        
        Payment at end of month 2 & 3 every quarter
  - - - Due date - 1 month & 7 Days
    - - Normally made within 10 days
- - - - Voluntary disclosed
        
        No default interest
      - HMRC found error
        
        Standard penalty
    - - Voluntary disclosed
        
        Default interest
      - HMRC found error
        
        Standard penalty