24 May 2011
VAT payment deadlines You are responsible for calculating how much VAT you owe and for paying VAT on time. Paying on time will help you avoid having to pay a surcharge. In most cases, paying electronically will provide you with up to seven extra calendar days in which to pay. This means that you must ensure that cleared funds reach HMRC's bank account by the seventh calendar day after your standard due date. The exception to this is payment by Direct Debit as HMRC will automatically collect payment from your bank account three bank working days after the extra seven calendar days following your standard due date. If you send payment by post the payment deadline is the date that your VAT Return is due. If you miss the payment deadline you may be liable to a surcharge for late payment. Please note that you must pay your VAT electronically if you submit an online return. If you submit a paper return, you can either pay electronically or enclose payment with your return.
CAclubindia
