VAT payment deadlines & small traders. A warning. (Long)
In message , DerekG
writes
The end of our VAT quarter was 30th April, therefore I understood the
return & payment to be due on 31st of May,
This last quarter, I submitted the return on the 7th April
The amount due was taken by DD from our account on the 10th (tuesday),
which at 0:00 of the 10th didn't have sufficient funds to cover the VAT
09:30 I topped up the current account, sometime in the afternoon, the
bank clawed the VAT back (******s)
I phoned HMR&C up and, yes, the money had briefly rested in their
account. I said I'd check it out on Saturday, O transferred the money
over monday and tuesday (as it was more then £20000), so they finally
got their money on the 17th April
no fines or requests for extra payments have been made
from this you can, hopefully draw a few conclusions
1/ - the return has to indeed be submitted by the 7th (as they say in
their reminder,
2/ - If you pay by DD, it does indeed go out on the 10th
3/ - If you have a problem, inform them ASAP
--
geoff
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