VAT penalties on the face of it can seem fair, an initial late filing or payment will produce a “help” letter, make a subsequent omission and you will receive a bright yellow document emphasising the need for compliance over the next 12 months, the trouble however begins if you are not!
If you continue to make late filings or payments during this 12 month period, you could be looking at deriving a permanent default charge of 15%, giving an effective rate of annual interest for being a single day late of 5,475%!
F9 can ensure total compliance with the VAT legislation and help you avoid fines, contact us today to arrange a free tax review….
