Questions and Answers
Late VAT Registration Penalties
I registered for VAT late, but I have now sent off my VAT registration documents to HMRC and I plan to pay everything I owe. However, I’ve read somewhere that I might face penalties for being late- is this true and what can I expect?
Yes, I’m afraid so. You will be charged a Failure to Notify penalty. This penalty is a percentage of the VAT liability from the date you should have registered to the date when HM Revenue & Customs (HMRC) received your registration documents.
These percentages can range from 0% to 100% of the backdated VAT liability, depending on the whether you came forward or HMRC discovered you should have been VAT registered and if you were conscious that you should have been registered earlier.
Your local TaxAssist Accountant would be happy to assist you with getting your VAT affairs in order.
Date published 5 Dec 2012
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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