VAT returns
From 1 April 2006 you must be registered for
VAT if:
- Your VAT-able turnover in the last 12 months exceeds £61,000
or
- You expect your VAT-able turnover in the next 30 days to
exceed £61,000.
Generally every quarter a VAT return is issued
and must be submitted to Customs & Excise, no later than 30
days from the end of the quarter.
It is important to make returns and payments
on time as penalties exist for defaulters.
The first return submitted late will result in
a surcharge liability notice. If another return is late within
12 months then a default surcharge of 2% of the outstanding VAT
will be levied.
If you have any further questions relating to
VAT or any more specific queries then please contact David
Cane.
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