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VAT errors & penalties (Penalties (Correcting errors (Include on next…
VAT errors & penalties
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Main penalties
Offence
Failure to reg
Standard penalty, plus VAT due from date
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Late returns or payments
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Varies from 0% to 100%, interest may charged
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Failure to disclose
Within 30 days, penalty may be charge
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Liability notice, runs unit 12 months after end period
Effect of surcharge
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Surcharge penalty, fixed % of VAT overdue
Reasonable excuse
Computer breakdown or fire, flood
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Sudden cash crisis, theft or insolvent