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Hi.
I would really appreciate your help with two quick questions.
1. In the lecture notes it says: “There is therefore no surcharge penalty where a late VAT return involves the repayment of VAT.” I find this confusing. Is this to say if the late VAT is paid (within the time frame) there is no surcharge, or have I misunderstood?
2. In the BPP revision kit, a question asks for a business which is ceasing trading on 31 March 2017: which date would ‘default interest’ be payable? The answer says: “Default interest will be payable from the reckonable date (7 May 2017) to the date of payment”. What do they mean by ‘reckonable’ and why have they chosen the 7 May 2017?
Thank you.
1. There is NO late VAT being paid – there is a VAT REpayment. It is the VAT return that is being submitted late
2. A VAT return must be submitted and the VAT must be paid within one month and 7 days of the VAT period end
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