- If you can’t pay your VAT bill, act quickly—contact your bank, financial adviser, or HMRC’s Regional Debt Management Unit for help.
- Late payment penalties apply: 2% of unpaid VAT after 15 days, increasing to 4% after 30 days, plus a daily penalty of 4% per annum after 31 days.
- Assessments may be issued if VAT returns are late or incorrect, and these become part of your debt.
- Schemes like Cash Accounting, Annual Accounting, Flat Rate Scheme, and Bad Debt Relief may help manage or reduce VAT payments.
Source: marcusward.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "United Kingdom"
- Employment Agency’s Reimbursed Medical Staff Costs Not Exempt from VAT, Tribunal Rules
- VAT Exemption for Welfare Services Applies to Both English and Welsh Operations, Tribunal Rules
- HMRC Updates VAT Deduction Rules for Overseas Insurance Intermediary Services After Tribunal Decision
- MPs Call on Chancellor to Cut VAT and Business Rates for Pubs and Restaurants
- Lib Dems Propose 5% VAT Cut for Pubs, Restaurants and Energy Bill Relief in Budget Plan
