Accountancy: How to avoid VAT surcharges
How to avoid VAT surcharges
Late VAT payments can result in HMRC surcharges of 2%, 5%, 10% or 15% of the amount due on your VAT Return. HMRC will send a letter the first two times, warning that further late payments within 12 months will result in a surcharge.
You can set up a Direct Debit to avoid this. If you process your own VAT return you can set it up online, or you can ask your accountant to download the DD form and mail it to you for completion.
If your Return is sent in late this will result in a surcharge. If you send your Return in early, they will not take the payment until 3 days after the due date.
Peter Bromiley ACA
AMS Accountancy Ltd.
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