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Old 25-08-06, 11:12 AM   #11
454697819
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Quote:
Originally Posted by Ed
Quote:
Originally Posted by nutty tart
well Ed i think you are being a wee bit selfish putting your life and career before the forum - shame on you
Life before the forum - ha, life's been on hold. I hate accounts.
but they do mean you can buy shiny motor bikes

( Providing the black pen is in greater use)
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Old 25-08-06, 11:31 AM   #12
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Ed, a bit of VAT insider information.

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.
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Old 25-08-06, 10:30 PM   #13
Ed
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Lyn - thank you

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
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Old 25-08-06, 10:50 PM   #14
lynw
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Quote:
Originally Posted by Ed
Lyn - thank you

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
I stand corrected - 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.

Quote:
Originally Posted by HMRC
If you are a small business, special arrangements are in place to help you when you first have difficulties sending your VAT return or paying on time. You will be sent a letter offering help and support rather than a Surcharge Liability Notice the first time you default. This arrangement is intended to give you extra time to sort out any short-term difficulties before formally entering the default surcharge system. If you default again within twelve months you will receive a Surcharge Liability Notice. This arrangement was first introduced in 2001 and depends on your turnover.
But its public notice 700/50 if you ever need to refer to it.
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