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Remove Amount Field from the Demand For Extension Of Payment Date

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Aug 6th, 2022

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How to Remove Amount Field from the Demand For Extension Of Payment Date

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did you guys miss me i think you may have missed me whats going on its stephanie adams with sms solutions and i know ive been gone for a little while im crazy busy you guys are really engaging with me and interacting with me and ive been doing a lot of work for people but i wanted to pop in here because i want to remind you that im here to help with your financial concerns and your credit concerns and ive seen a few things and im always learning so seriously i have a huge law library over here um so im constantly learning and i learned something i think i had already known it but i ive learned something um that just might help you with getting a few more deletions on your credit report and it has to do with when um the bureaus actually respond to something thats been sent into them with an update to the report so maybe not a deletion but an update so you guys stay tuned because i this is going to be really really quick but i want to give you something that you should take a

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What happens if my VAT payment is late?

If your accounting period started on or before 31 December 2022. HMRC will record a default on your account if you are late with your VAT Return or payment. Once youve defaulted, youll begin a 12 month surcharge period. A surcharge is an extra amount on top of the VAT you owe.

How do you account for VAT on prepayments?

If an advance or down payment is made in respect of a supply of goods or services then the normal tax point rules apply. The business must account for output VAT (as applicable) on the deposit on the earlier of issuing a VAT invoice and receiving the payment.

What happens if I pay my VAT 1 day late?

HMRC will record a default on your account if you are late with your VAT Return or payment. Once youve defaulted, youll begin a 12 month surcharge period. A surcharge is an extra amount on top of the VAT you owe.

Can I delay my VAT payment?

A Time to Pay arrangement is flexible and is adapted to the specific financial circumstances of an individual or business. If HMRC agree a Time to Pay arrangement with you, it can mean lower, or no, late payment penalties. It can cover all outstanding amounts due, including penalties and interest.

What is the surcharge for late payment VAT?

Late payment of VAT Payments that are between 16 and 30 days late will trigger a penalty of 2%; (of the amount outstanding at day 15) although, to help businesses transition to the new regime, HMRC will not apply this rule during 2023 unless payments are more than 30 days late.

What is the late VAT surcharge?

A VAT surcharge, also known as a VAT penalty, will be issued by HMRC over consecutive late tax payments and calculated ing to a percentage of the total tax due. If HMRC expects to impose a VAT penalty, they will notify you with a Surcharge Liability Notice before adding it to your tax bill.

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