Whilst getting your VAT right is of course essential, it is also important to make sure returns are submitted and payments are made on time too.
Any delays in meeting VAT deadlines could result in VAT penalty and interest charges being raised by HMRC. Not only that, under the default surcharge scheme that applies to late VAT Return submissions and payments the level of the surcharge increases with each subsequent default.
So, make sure you have the relevant due dates highlighted in your calendar in order to avoid unnecessary additional costs. Don’t forget that if the deadline falls on a bank holiday or weekend any VAT payment due needs to be received by HMRC as cleared funds in their bank account on the last working day before the due date.
If you would like to find out more about the VAT penalty regime for late submissions and VAT payments, read our Titan VAT Training series UK VAT Penalties Guide.