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Where Taxpayers and Advisers Meet

I am going to miss VAT payment deadline

Eck
Posts:26
Joined:Fri Oct 11, 2013 12:14 pm
I am going to miss VAT payment deadline

Postby Eck » Tue Aug 09, 2016 1:05 am

I have messed up and miscalculated dates for VAT payment. It will be requested by Direct Debit on Wednesday and I won't have quite enough money in business account (short by £700) until Friday. I am unable to pay in personal funds to cover the short fall.

I was late filling a return 2 years ago but never have missed a payment.

What will happen? I'm contractor with small Ltd.

Thank you.

robbob
Posts:3228
Joined:Wed Aug 06, 2008 4:01 pm

Re: I am going to miss VAT payment deadline

Postby robbob » Tue Aug 09, 2016 8:30 am

Hello Eck

Nothing really with regard to your first miss, so as long as you get the next 4 on time (and fully paid) then you will be back with clean slate again - so that if you do miss again there would still be no penalty at that time.

Note if you cannot pay the vat office like you to submit return and contact them (with vat amount due showing on their screen so 24-48 hours after submission) before the payment deadline which is technically by the 7th to arrange agreement as to when you will pay, for a few days though i wouldn't over worry about having missed that step out.

There is payment date tool here - although i would always proceed in the basis funds should be ready for the 10th - then if it is the 11th or 12th the surprise should be the other way.



https://www.gov.uk/vat-payment-deadlines


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