Home > Blog > Bookkeeping > Penalties Re: Late VAT Returns

Penalties Re: Late VAT Returns

February 13, 2013 by Lyn Lulham

 

VAT Returns are due on 28th February!

 

HMRC have recently launched the ‘VAT Outstanding Returns’ campaign as an opportunity for you to bring your VAT Returns and payments up to date – you will need to submit them online and make any payments electronically. The campaign is targeted at businesses that are registered for VAT but still have one or more returns to complete.

 

HMRC will be pursuing as many as 50,000 businesses that have been identified as not having made a VAT Return by the due date and they may carry out checks into your tax affairs or use legal powers to get detailed information about your business and its finances.

 

Submitting your VAT Returns by 28th February will ensure that you face lower penalties than if you don’t come forward voluntarily. By not completing and submitting your VAT Returns by the due date, you run the risk of:

 

  1. Surcharges and penalties on top of the VAT you already owe
  2. HMRC estimating what you owe, which may result in you paying more than is actually due
  3. A criminal investigation into your business and its finances

 

Just Simply Organised are here to help! If you have any business colleagues or contacts that may need assistance with their VAT returns, please tell them to get in touch today.

 

Just Simply Organised Team

Leave a Reply

Your email address will not be published.

Copyright © 2019 Just Simply Organised. All rights reserved. Privacy Policy