but they do mean you can buy shiny motor bikes :lol:

( Providing the black pen is in greater use)

Ed, a bit of VAT insider information. :wink:

Provided you have not been late with a previous VAT return or paid one late you are allowed one late return penalty free. Basically that will trigger a default surcharge liability letter basically saying if you are late with any others, THEN you will get a fine.

We dont penalise your first late return with a huge penalty, there has to be a reasonable warning given to you by HMRC first. The penalties are:

First late return - warning and youre put on DS liability for the next 4 returns
Second late return within that period - 2% penalty, 0% if its a repayment due to you
Third late return - 5% or 0% if repayment to you
Fourth late return - 10% or 0% if repayment to you
Fifth late return - 15% or 0% if repayment due to you.

All subsequent returns will be at 15%.

Hope that eases the pressure on you a bit. :D

Lyn - thank you :thumbsup:

The VAT return is actually very easy - and I have to say that HMRC staff are unfailingly helpful, they really are pleased to assist - but I can't do it until I get all the other stuff done :roll:

I stand corrected :oops: - you get an additional period. They changed it while I was out of the department on secondment and no bugger told me this when I went back.

But its public notice 700/50 if you ever need to refer to it.