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VAT surcharges


Lord_Alcohol
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Does anyone know if consumer regs also apply to businesses?

 

I have seen how bank charges on business accounts can be reclaimed, but small businesses registered for VAT can be clobbered by HMRC for VAT surcharges (up to 15%) if VAT is paid late (eg, if bills are paid late by customers, unless on the VAT cash accounting scheme).

 

Does the rule that charges should reflect costs apply to HMRC? I have paid a couple of charges of £500 each for paying VAT a couple of days late, and on each occasion the only cost I can see that was incurred is the price of a letter.

 

Any ideas?

 

LA

;)

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The surcharges on VAT are applied as follows :

If you are late with 1 qtr they will charge you 2%, If you are late with another qtr within a 12 month period they will charge you 10% and if you are late again they will charge you 15%.

Try (if you can) paying the vat bill in installments before the due date (1 month after the end of the vat qtr). It has helped me in the past.

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