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VAT penalties for those who should be filing online and don’t

Posted by: edwinsmith on April 28th, 2011

From April 2011, HMRC have introduced a new penalty regime for businesses that were required to submit their VAT returns online from 1 April 2010 but have continued to submit paper returns.

These penalties will apply to returns for accounting periods ending on or after 31 March 2011.

Where a penalty is charged, the amount will be determined by the business’s annual VAT exclusive turnover, as follows:

Annual VAT exclusive turnover Penalty
£22,800,001 and above £400
£5,600,001 to £22,800,000 £300
£100,001 to £5,600,000 £200
£100,000 and under £100

 

The HMRC website has more information on the penalties for submitting a VAT return on paper instead of online.

If you haven't already, you can register for a HMRC online account for VAT  or any other service. Please note that you can have one HMRC account to deal with all matters of your business relating to HMRC.

For more information please read our previous news article about filing VAT returns online and paying VAT electronically.

Filed under: VAT