VAT return - 7 days extra for paying electronically?
Discussion
I've recently had to start doing VAT returns (the last time was in 2006). Back then we always had up to 7 days extra to pay the return because we did it via BACS, and we never had a problem or a warning about it.
Anyway I just read the back of my latest VAT return and it says "If you pay by one of these electronic methods you may receive up to 7 extra calendar days for the return and payment to reach us".
I was going to make the payment tomorrow and they'll have the return Tuesday, but this wording "may" worries me slightly. Is it a definite 7 days or do you have to register first for it? Am I going to receive one of their nasty yellow letters?
Anyway I just read the back of my latest VAT return and it says "If you pay by one of these electronic methods you may receive up to 7 extra calendar days for the return and payment to reach us".
I was going to make the payment tomorrow and they'll have the return Tuesday, but this wording "may" worries me slightly. Is it a definite 7 days or do you have to register first for it? Am I going to receive one of their nasty yellow letters?
It appears to me that the OP is saying that he will be making a paper VAT return and then paying the VAT electronically. If that is the case why not submit a VAT return and pay electronically?
As for the present way you are paying, paying either prior or after submitting a VAT return will not incur any problems for either HMR&C or yourself, since monies will be credited to your business VAT registration number by HMR&C.
As for the present way you are paying, paying either prior or after submitting a VAT return will not incur any problems for either HMR&C or yourself, since monies will be credited to your business VAT registration number by HMR&C.
timskipper said:
that's 7 days until it's in their grubby mits, so really only 4 unless you're paying for a CHAPS transfer.
Yep I agree. I normally pay using Internet Banking on or the closest working day to the 1st. I submit the returns on line before this date though. Also, you may want to consider the flat rate scheme. Piece of cake to do and it saves me £2.5k each year compared to the precise method.thegreengoblet said:
timskipper said:
that's 7 days until it's in their grubby mits, so really only 4 unless you're paying for a CHAPS transfer.
Yep I agree. I normally pay using Internet Banking on or the closest working day to the 1st. I submit the returns on line before this date though. Also, you may want to consider the flat rate scheme. Piece of cake to do and it saves me £2.5k each year compared to the precise method.
It has its flaws too - much discussed already on PH.
Eric Mc said:
thegreengoblet said:
timskipper said:
that's 7 days until it's in their grubby mits, so really only 4 unless you're paying for a CHAPS transfer.
Yep I agree. I normally pay using Internet Banking on or the closest working day to the 1st. I submit the returns on line before this date though. Also, you may want to consider the flat rate scheme. Piece of cake to do and it saves me £2.5k each year compared to the precise method.It has its flaws too - much discussed already on PH.
Can you post a link to such a thread, I'd like to know more?
Wings said:
It appears to me that the OP is saying that he will be making a paper VAT return and then paying the VAT electronically. If that is the case why not submit a VAT return and pay electronically?
As for the present way you are paying, paying either prior or after submitting a VAT return will not incur any problems for either HMR&C or yourself, since monies will be credited to your business VAT registration number by HMR&C.
Yes, I should probably submit the return on line, but I've lost (yet again) my Goverment Gateway login, or probably sent it straight to the accountant.. paper will have to do this month!As for the present way you are paying, paying either prior or after submitting a VAT return will not incur any problems for either HMR&C or yourself, since monies will be credited to your business VAT registration number by HMR&C.
Thanks all.
thegreengoblet said:
Eric Mc said:
thegreengoblet said:
timskipper said:
that's 7 days until it's in their grubby mits, so really only 4 unless you're paying for a CHAPS transfer.
Yep I agree. I normally pay using Internet Banking on or the closest working day to the 1st. I submit the returns on line before this date though. Also, you may want to consider the flat rate scheme. Piece of cake to do and it saves me £2.5k each year compared to the precise method.It has its flaws too - much discussed already on PH.
Can you post a link to such a thread, I'd like to know more?
entering Net Outputs on the return instead of gross
applying the Flat Rate against the Net instead of the Gross
failure to select the correct Flat Rate
failure to properly use the correct rate when making mixed supplies
properly excluding from the scheme the sale of fixed assets on which Input VAT was rightly claimed
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