VAT Penalties and Assessments
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What are VAT Penalties and Assessments?
VAT Penalties are for each return you submit late, will result in receiving a penalty point until you reach the penalty point threshold. When you reach the said threshold, you'll receive a £200 penalty. You'll also receive a further £200 penalty for each subsequent late submission while you're at the threshold.
An assessment estimates the VAT liability due to HMRC on the outstanding VAT return. This estimate is usually based on the VAT amount owed on previous returns.
There are other methods of estimation which may be used where HMRC does not have historic data.
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