- This topic has 1 reply, 2 voices, and was last updated 5 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.
Interactive BPP books for June 2026 exams, recommended by OpenTuition.
Get discount code >>
Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › VAT (Default surcharge)
Kaplan Revision Book FA2019: Knight Ltd., page 193
Task (Extract): Knight Ltd. was late in submitting the following VAT return and in paying the related VAT:
Return Period VAT due
3 months ended 31/12/2017 20,000
3 months ended 30/09/2019 30,000
3 months ended 30/6/2020 21,000
All of the company’s other VAT return have been submitted on time, and the related VAT liabilities have been püaid on time.
Answer (which I understand)
The late payment for the quarter ended 30/09/2019 —> a surcharge liability notice up to 30/9/2020.
The late payment for the quarter ended 30/06/2020 —> 2%*21,000 = 420 and surcharge period extended to 30/6/2021.
Answer (which I don’t understand, can you please explain this sentence below?):
The late submission for the quarter ended 31/12/2017 IS IRRELEVANT, as it was followed by the SUBMISSION of FOUR (?) consecutive VAT returns on time.
It would appear then that you have not studied your study notes and lectures – see study manual page 148, chapter 25 section 7, note (f)
