Deadline Dates for VAT Returns
Quarterly Deadlines: If your VAT quarter ends on the last day of March, June, September or December, your VAT return and payment are due by the 7th of the following month.
- For example: A quarter ending on March 31st requires submission and payment by May 7th.
Other Quarterly Deadlines: For quarters ending in months other than those listed above, the deadline remains consistent – a month and seven days after the quarter ends.
- For example: A quarter ending on April 30th would have a deadline of June 7th.
Annual VAT Return Scheme
Annual Deadline: If you use the VAT annual accounting scheme, your return is due once a year. It is due two months after your accounting period ends.
Submission and Payment Details
Monthly Payments: If you opt for monthly payments towards your VAT bill, these are due at the end of months 4, 5, 6, 7, 8, 9, 10, 11, and 12.
Quarterly Payments: You must make quarterly payments by the end of months 4, 7, and 10.
Final Payment: You must make a final payment within two months of month 12 to settle any difference between your advance payments and the actual bill.
Information Submission to Your Accountant
To avoid penalties, provide your accountant with all necessary documentation by the 28th of the month before the deadline. This ensures a timely submission.
- For example: If your VAT period ends on April 30th, ensure your documents are with your accountant by May 28th.
What Happens If You Have a Repayment?
HMRC aims to issue refunds within 30 days of receiving a VAT return, regardless of the repayment dates.
Late Submission Penalties
Penalty Points: From January 2023, the VAT penalties system includes a points-based model for late returns. Accumulate too many points, and you could face a financial penalty.
Late Payments: Penalties for late payments start at 2% of the VAT due after 15 days, increasing with time past the deadline.
Interest on Late Payments
Interest on late VAT payments accrues at 4% per annum, assessed daily from the due date until you make the payment.
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