What is the latest date to submit a VAT return?

If you pay your VAT monthly or quarterly, the deadline for submitting your return and paying any VAT you owe is one calendar month and seven days after the end of the VAT period. For example, for the quarter ending 31 March 2017, your return must be submitted and payment cleared in HMRC’s account by 7 May 2017.

Can I submit my VAT return on the 7th?

The due date for the submission of your VAT return and to make any payment due is one month and seven days after the end of the VAT period. In this example, the return must be submitted and payment made by 7 May.

What happens if you miss VAT deadline?

What happens when you miss a VAT deadline? If you are late paying VAT to HMRC, you will face either a financial penalty or alternatively a Surcharge Liability Notice depending on your VAT payment history and whether you are a first time or a repeat offender.

What happens if I file my 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.

Is there any penalty for late filing of VAT return?

Taxpayers will receive a point every time they miss a submission deadline. HMRC will notify them of each point. At a certain threshold of points, a financial penalty of £200 will be charged and the taxpayer will be notified. The threshold is determined by how often a taxpayer is required to make their submission.

Do you get fined for a late VAT return?

Is there a penalty for filing VAT late?

When payment is made between 16 and 30 days after due date, a penalty equivalent to 2% of tax due is levied. At 30 days, the penalty is 2% of tax outstanding at 15 days plus 2% of tax outstanding at 30 days. Most amounts will be due at 4% overall at this point.

What happens if I pay my VAT 1 day late?

First Penalty The taxpayer will not incur a penalty if the outstanding tax is paid within the first 15 days after the due date. If tax remains unpaid after Day 15, the taxpayer incurs the first penalty. This penalty is set at 2% of the tax outstanding after Day 15.

What happens if I miss VAT deadline?

What happens if you miss a VAT return deadline?

If your Return is Filed late If you do not file your VAT return or full payment has not reached HMRC’s account by the deadline, a ‘default’ will be filed on your account. You may also enter a 12-month surcharge period which will have further implications if there is another default during this time.

How much is the fine for late VAT return?