What is the penalty for late submission of VAT return?

What happens if I submit VAT return late?

If you don’t submit your VAT return to HMRC on time, you’re not just liable for a late payment penalty. You’ll also have to pay interest on that too until you pay it. However, depending on your previous VAT payment history, you could receive a Surcharge Liability Notice (SLN) instead.

How much is the fine for late VAT return?

If you fail to pay the VAT due by the due date for any returns due within the next year, the surcharge will be 2% of the outstanding tax. The surcharge increases to 5% for the next default, and then by 5% increments to a maximum of 15%.

How late can you submit a VAT return?

The deadline for your VAT return is generally one calendar month and seven days after the end of a VAT reporting period.

Will I be fined if my VAT return is late?

HMRC can charge you a penalty (between 15% and 100% of the unpaid amount owed) if your VAT Return is inaccurate.

What happens if VAT is not paid?

What happens if I do not submit my return or pay my VAT bill on time? If HMRC do not receive your VAT return by the deadline, or if you fail to make full payment of the VAT due, you will be automatically issued with a default on your account and you may then enter what is known as a ‘surcharge period’.

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