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The unduly harsh VAT default surcharge is one to watch out for.
KEY POINTS
- A late VAT return or a late payment constitutes a default.
- The surcharge can be avoided if the trader has a reasonable excuse.
- Surcharges at 10% and 15% are enforced regardless of monetary amount.
- The case of Posnett illustrates how harsh default surcharge can be.
There are things that make me angry but I recognise they are matters of opinion and others have a different view: José Mourinho Tom Cruise being cast as Jack Reacher the way the Brexit campaign was run – things like that. Then there are things that are plain wrong – Wrong with a capital W – things that no sane person should accept. Matters of VAT are not the tallest hill of beans in this crazy world but default surcharge (DS) is a law that parliament...
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