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VAT Late Payments: Fines, Penalties & Interest

VAT Late Payments are not looked upon favourably by HMRC and be an indication of something more serious within a business such as a...

What is a VAT Surcharge?

What is a VAT Surcharge? A VAT Surcharge is a type of penalty levied by HMRC under two circumstances: When a business does not submit...

Accounting Entries for VAT Surcharges

VAT surcharges need to be accounted for as a cost in the profit & loss account (although any VAT surcharges you pay would be...

What is a VAT Assessment?

You will receive a VAT Assessment Letter from HMRC if you have not submitted a VAT return and paid the VAT on time for...

A Complete Overview of VAT Penalties, Surcharges & Interest

VAT Penalties, Surcharges & Interest Vary According to Circumstance There are two types of charges HMRC can levy - Penalties and Surcharges.  In top of...

Are VAT Surcharges Tax Deductible?

No, VAT Surcharges are not tax deductible. If your business is charged with a VAT Surcharge then it will be shown as a cost...

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