The directors of Rainy-day Ltd wish to change their invoicing process so that customers are only issued with an invoice where there is a legal requirement to do so. For the quarters ended 31 December 2019, 31 March 2020 and 30 September 2020 Rainy-day Ltd was late in submitting its VAT returns and in paying the related VAT liabilities. All of Rainy-day Ltd's other VAT returns have been submitted on time. required: Calculate the surcharge penalty that Rainy-day Ltd could be charged if it is late in submitting its VAT return and paying its VAT liability for the quarter ended 31 March 2021. Total VAT payable on 25 March 2021 was £ 44,529.33 Note: *According to the actual UK VAT rules in the tax year 2020-2021.*
The directors of Rainy-day Ltd wish to change their invoicing process so that customers are only issued with an invoice where there is a legal requirement to do so. For the quarters ended 31 December 2019, 31 March 2020 and 30 September 2020 Rainy-day Ltd was late in submitting its VAT returns and in paying the related VAT liabilities. All of Rainy-day Ltd's other VAT returns have been submitted on time. required: Calculate the surcharge penalty that Rainy-day Ltd could be charged if it is late in submitting its VAT return and paying its VAT liability for the quarter ended 31 March 2021. Total VAT payable on 25 March 2021 was £ 44,529.33 Note: *According to the actual UK VAT rules in the tax year 2020-2021.*
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 67P
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The directors of Rainy-day Ltd wish to change their invoicing process so that customers are only issued with an invoice where there is a legal requirement to do so.
For the quarters ended 31 December 2019, 31 March 2020 and 30 September 2020 Rainy-day Ltd was late in submitting its VAT returns and in paying the related VAT liabilities. All of Rainy-day Ltd's other VAT returns have been submitted on time.
required: Calculate the surcharge penalty that Rainy-day Ltd could be charged if it is late in submitting its VAT return and paying its VAT liability for the quarter ended 31 March 2021.
Total VAT payable on 25 March 2021 was £ 44,529.33
Note: *According to the actual UK VAT rules in the tax year 2020-2021.*
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