- This topic has 1 reply, 2 voices, and was last updated 7 years ago by .
Viewing 2 posts - 1 through 2 (of 2 total)
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.
OpenTuition recommends the new interactive BPP books for June 2024 exams, Get your discount code >>
Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › VAT surcharge
Dear Tutor,
I have a silly question in the case of the default charges in the case the trader have submitted and paid 4 consecutive VAT returns on time and have gotten a surcharge liability,then HMRC will forgive it I mean the trader doesn’t need to pay it anymore? I have watched the lecture and read the materials but I’m still not 100% sure if I understand this properly.
If the trader submits four quarterly VAT returns on time and pays the VAT due on time then the surcharge liability notice period ends and the taxpayer starts the process over again should another default occur.