Late VAT payment

Hennybug

I know there are penalties for late payment but does anyone have any experience of dealing with the Revenue on this? I have a payment due on the 19th but as i'm waiting to get money in I can't pay it and i really don't want to have to go to my Bank and extend my overdraft. I could probably pay 1/3 of what's owing but will the Revenue be prepared to accept an offer like this?

I know first stop should be my Accountant but he's away this week :rolleyes:

swanvill

Hi, If you are going to be a little bit late with your payment e.g. under a month then I would not worry, just file the return when you have the funds to pay it all. If you are going to be very late say 6 weeks or more then you should send in the return with the 1/3rd payment on time and a letter saying that you know that you have underpaid but will have the balance paid by a certain date. It is important if you commit to making a payment by a specified date that you honour your commitment.
I hope this has put your mind at ease and has helped you.

Hennybug

Thanks Swanvill that is a relief. I'd hope to get it sorted within the month so will do as you suggest.

mayfire

In the current tax shortfall, they will be delighted to get a third with a promise of the balance.

fmcc

They are generally very understanding at present just find out who is looking after your case and keep in contact with them give regular updates the thing they hate the most is silence.

spadder

fmcc wrote: »

They are generally very understanding at present just find out who is looking after your case and keep in contact with them give regular updates the thing they hate the most is silence.

????
They are very unreasonable, they have no idea what it's like in "the real world".

fmcc

spadder wrote: »

????
They are very unreasonable, they have no idea what it's like in "the real world".

I beg to differ spadder I get on ok with my contact so far in any case.

drunkmonkey

fmcc wrote: »

I beg to differ spadder I get on ok with my contact so far in any case.

are you assigned your own contact / a/c manager within the revenue?

CDfm

Be very careful on VAT as its not like income tax and its dealt with by customs.

A good idea to send it in within the month. The worst that will happen is a letter of warning. My understanding is that once you use up your one warning a year you can get a fine of 1270 for a second "LATE" return which they havent being applying.

So why draw attention to it.

Hennybug

Right so best advice seems to be just get it in no more than a month late, don't contact them initially just send it in and hope for the best

CDfm

Hennybug wrote: »

Right so best advice seems to be just get it in no more than a month late, don't contact them initially just send it in and hope for the best

or you could phone them up and say that you have spent the VAT you collected over Christmas:rolleyes:

Hennybug

CDfm wrote: »

or you could phone them up and say that you have spent the VAT you collected over Christmas:rolleyes:

I didn't "spend it" it went on professional insurance :mad:

CDfm

you will be alright - just be cool about it.:p

dont volunteer info which can get you in trouble

i hope you got a good deal on the insurance cover -it is expensive-i got a good deal from Provident Insurance in Rathgar

Hennybug

Thanks CD, I didn't get too bad a deal but still a lot more than i wanted to pay :rolleyes:

dahamsta

Hennybug wrote: »

I didn't "spend it" it went on professional insurance :mad:

How is that not spending it?

http://dictionary.reference.com/search?q=spend