Beware late VAT submissions

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PIXELS IMAGE vat flat schemeIf you’ve ever submitted your VAT return late and think you’ve got away with it with a mere rap on the knuckles, you may want to think again!

Whilst the first late payment does not attract a monetary penalty it’s a case of “one strike, and you’re out!” Your account will be marked as “default surcharge” and if you are late again within a 12 month window, you’ll pay a fine equating to 2% of the tax due, which increases to a hefty 5%, 10% and then 15% with the the 3rd, 4th and 5th instance of tardy submissions.

Also note that reasonable excuses only will be considered for late payment – and an inability to pay is not deemed one of those. If you are having difficulties paying your VAT, then speak to us, and we may be able to negotiate a payment plan on your behalf.

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