VAT deadline for payments (and filing)

[mondeoman]

VAT period ends on 30th November 2017 so deadline for filing is the 7th Jan, today.

I've just filed my VAT return (!), HMRC says payment will be taken by Direct Debit on 10th Jan.

I dont want to pay any more surcharges for late payment - am I OK to let the Direct Debit go through on the 10th, or should I make a BACS payment today?

Website says 10th is OK for DD, and today is latest for BACS...

[Eric Mc]

The VAT due is always collected by DD around the 10th of the month.

[mondeoman]

SO I'm OK, no surcharge expected, just let MHRC do their thing?

[Eric Mc]

That's the idea of a DD. As long as you have authorised HMRC to take the VAT by means of a DD each quarter, it will come out of the business bank account automatically around the 10th.

If only other taxes were as straightforward.

[mondeoman]

<phew>

Thanks

[mjb1]

Along similar lines, I managed to miss the deadline by 15 mins (submitted online at 00:15 on the 8th). Am I likely to get away with that, or is it too late for them the process it and setup the DD collection?

[Eric Mc]

mjb1 said:

Along similar lines, I managed to miss the deadline by 15 mins (submitted online at 00:15 on the 8th). Am I likely to get away with that, or is it too late for them the process it and setup the DD collection?

That is a bit tight.

Have you set up a DD now?

[mjb1]

Eric Mc said:

That is a bit tight.

Have you set up a DD now?

DD is already setup, has been for years. I just do the VAT submission and they take the money a few days later. I vaguely remember that I missed the deadline once before (think it was by more than 15 mins though!), and that prevented the DD from being processed on time. I then paid by bank transfer instead, only for the DD to be taken as well, a bit later than usual. Don't really want to have to go through that again!

[Eric Mc]

mjb1 said:

DD is already setup, has been for years. I just do the VAT submission and they take the money a few days later. I vaguely remember that I missed the deadline once before (think it was by more than 15 mins though!), and that prevented the DD from being processed on time. I then paid by bank transfer instead, only for the DD to be taken as well, a bit later than usual. Don't really want to have to go through that again!

The normal situation is that, once a DD has been set up, don't ever pay by BACS.