What default means 2.1 What we mean by the term default 77 - Time limits for assessing for surchargeĢ.71 - Construction of sections 59 to 70 (exclusions from reasonable excuse).59B - Relationship between sections 59 and 59A.59A - Default surcharge: payments on account ( POA). The principal legislative framework for this notice is contained in the VAT Act 1994 section: You can find further information about VAT Returns and payments of tax in the VAT guide (Notice 700). what to do if you think you’ve a reasonable excuse for submitting your VAT Return or payment late.Overview 1.1 What this notice is aboutĭefault surcharge is a civil penalty to encourage businesses to submit their VAT Returns and pay the tax due on time. Read guidance on changes to VAT penalties and interest. From 1 January 2023, new VAT late submission and payment penalties apply. This notice is for accounting periods starting on or before 31 December 2022.
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