HMRC charges for late VAT submission.

[Red Fred]

I had a message from the accountants yesterday to remind me to get my VAT returns done on time as HMRC are introducing a new charging scheme for late submissions, even for those of us who are reclaiming.

VAT penalties and interest

Changes to VAT penalties and interest charges if you submit a VAT Return for an accounting period starting on or after 1 January 2023.

www.gov.uk

 

[ridger]

I had a message from the accountants yesterday to remind me to get my VAT returns done on time as HMRC are introducing a new charging scheme for late submissions, even for those of us who are reclaiming.

VAT penalties and interest

Changes to VAT penalties and interest charges if you submit a VAT Return for an accounting period starting on or after 1 January 2023.

www.gov.uk

That will throw a spanner in the works, I liked to let the vat build up til there was a decent bit to come back

 

[Red Fred]

I tend to leave it in the summer when I'm busy. The retired accountant said they didn't bother too much if it was a few weeks late and you only reclaimed, but it looks as if they are tightening up along with the Digital Tax initiative.

 

[robs1]

Probably trying to get people used to doing it on time for when tax return gets done via MTD so they get the tax quicker

 

[David.]

Used to try and leave 12mths, and then reclaim to pay Inc tax bill.

 

[daveydiesel1]

Accountant told me as of jan 1st vat needs to be done by 22nd of the following month or there will be penalties, so if your vat is due at the end of march it needs to be completed by 22nd april and apparently theres quartly tax returns coming with a big 1 at the end of the tax year plus there gonna be wanting to see your bank statements to make sure it all ties in

 

[Farma Parma]

bugger me i must be on the ball here all VAT done every quarter within the first 2wks & 99% time the VAT Reclaim is in the bank by the 3rd wk.
Some quarters i wish you could do it monthly ! but just work the system on them bigger invoices towards end of each quarter.
Now the fact you can pay oustanding invoices via BACS in the next quarter yet in most cases have allready got the VAT claimed back is a brill step forward.

 

[Tarw Coch]

bugger me i must be on the ball here all VAT done every quarter within the first 2wks & 99% time the VAT Reclaim is in the bank by the 3rd wk.
Some quarters i wish you could do it monthly ! but just work the system on them bigger invoices towards end of each quarter.
Now the fact you can pay oustanding invoices via BACS in the next quarter yet in most cases have allready got the VAT claimed back is a brill step forward.

 

[neilo]

bugger me i must be on the ball here all VAT done every quarter within the first 2wks & 99% time the VAT Reclaim is in the bank by the 3rd wk.
Some quarters i wish you could do it monthly ! but just work the system on them bigger invoices towards end of each quarter.
Now the fact you can pay oustanding invoices via BACS in the next quarter yet in most cases have allready got the VAT claimed back is a brill step forward.

I have always been on monthly returns, and it's very rare that it isn't done on the 1st of the following month. I dislike letting HMRC hold onto it any longer than necessary.

 

[Cowabunga]

I don’t recall ever being a day late with VAT monthly returns. Usually done a week before the end of the month but sometimes gets to the very end. Very seldom done into the first week of the following month, near to the deadline.

 

[Still Farming]

Money roulette?
Glorified saving scheme?

 

[Gedd]

I have always been on monthly returns, and it's very rare that it isn't done on the 1st of the following month. I dislike letting HMRC hold onto it any longer than necessary.

Likewise have to wait of my daughter doing it but mostly done in the first week of the month

 

[Red Fred]

I like to keep them waiting a few days. With my turnover, the government starts to get twitchy if I'm late.

 

[Farma Parma]

I have always been on monthly returns, and it's very rare that it isn't done on the 1st of the following month. I dislike letting HMRC hold onto it any longer than necessary.

Cant switch to monthly once youve been quarterly my accountant told me.

 

[Bury the Trash]

How many do it themselves as a matter of interest ?
If not who does do it the wife / Partner / employed book keeper ,accountant even ??

Asking for a friend

 

[Martyn]

How many do it themselves as a matter of interest ?
If not who does do it the wife / Partner / employed book keeper ,accountant even ??

Asking for a friend

I do all off ours, monthly on Xero, about 3 evening a month once invoices are filled away.

Surprising how many mistakes on invoices I find, would be a fair bit overpaid on bills if I dint see the whole process from yard delivery/quote to invoice through.

 

[DaveGrohl]

Cant switch to monthly once youve been quarterly my accountant told me.

Depends. We got put onto quarterly during/after foot and mouth, due to my secretary not being allowed onto farm. I appealed and they accepted and reinstated us back onto monthly. A few years later I got a warning that I’d submitted a couple late and that I would be put back to quarterly if I persisted. On time since.

 

[gatepost]

How many do it themselves as a matter of interest ?
If not who does do it the wife / Partner / employed book keeper ,accountant even ??

Asking for a friend

I do mine, but accounts package with MTD

 

[daveydiesel1]

I do mine on excel and email it to the accountant who forwards it on

 

[Wombat]

I do mine on excel and email it to the accountant who forwards it on

I do mine in excel, copy it into anna laid out spreadsheet and use anna for MTD to submit.