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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Doing a tax return at the moment and just realised I went

Customer Question

Hi
Doing a tax return at the moment and just realised I went over the vat threshold back in Nov 2014 but I haven't charged vat on any invoicing
Now my question is what will the vat man make me pay
Is it all the vat I should have charged minus material vat
Or is it that bad
By the way I registered for vat in October 2015 because I knew I would go over the threshold with the work I had coming in
Regards
Lou
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question...There are penalties for late registration for VAT purposes.You registered for VAT in Oct 2015 some 11 months after the date you should have registered.Your penalty rate will be 10% of VAT due (Outputs less inputs for the period uncovered because of late registration).More information on late registration penalty is covered under section 3 herehttps://www.gov.uk/government/publications/vat-notice-70041-late-registration-penalty/vat-notice-70041-late-registration-penalty I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.