- 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"
- HMRC Technical Manuals: Guidance for Staff and Tax Professionals with Legal and Interpretative Updates
- UK Reverses Skandia VAT Grouping Rules: Overseas Branches No Longer Separate Taxable Persons
- Key Steps and Common Errors in Postponed VAT Accounting for UK Importers
- Tribunal Upholds Strict Evidence Requirement for Input VAT Recovery in Dreyer Case
- Express Brands Ltd: Tribunal Rules Company as Principal, Liable for Full VAT on Retail Sales
