VAT Payment Problems
If you're registered for VAT, you have to submit your VAT Return on time, along with your VAT payment to avoid any VAT problems. If you don't and you do find yourself with VAT problems then you could receive an automatic surcharge. The last thing you want is additional financial penalties if you’re finding the going tough. So try to avoid VAT payment problems.
If you turnover more than £150,000 and you default for the second time with a VAT problem in a 12 month period you will be charged a 2 per cent surcharge within the UK. If you then default a third time with a VAT problem in a 12 month period you will be charged a 5 percent surcharge. For a fourth default in a 12 month period 10 per cent and for a fifth default its 20 per cent surcharge.
However, failing to pay your VAT and having VAT payment problems is not just a matter of being charged interest or facing a late VAT payment penalty. You could potentially face court action or even bankruptcy. So it’s clear its best to avoid any VAT payment problems as soon as possible.
So, if you are struggling to pay your VAT by the due date and you find yourself with a VAT payment problem then act immediately and contact TaxProblems.co.uk before the situation gets worse.
What are VAT Problems?
If your company is registered for VAT then it is your reasonability as a company to make sure you submit your VAT Return on time and well as the necessary payment. If you don’t and you have VAT problems then you could face an automatic surcharge. So if you do have VAT problems or you know you potentially may be facing some problems with your VAT and you may not be able to pay your VAT by the due date, and then act immediately.
There are several potential VAT problems, mistakes, adjustments, inspections, questions you may face while running your business so its bets to speak to someone experienced in the field of VAT problems to get the bets advice
To avoid these penalties for VAT problems call one of our highly experienced senior VAT problems and Tax Problems advisers now on FREEPHONE 0800 622 6096. They will be able to help you if you are having problems paying your VAT.