Revised VAT Notice 700/50 – Default Surcharges
The latest version of the above notice which deals with default surcharges has now been published. This notice cancels and replaces the previous version in June 2011. Details of any changes to the previous version can be found in paragraph 1.1.
The notice explains:
- how to avoid a surcharge;
- how the default surcharge works;
- when the default surcharge is applied; and
- what to do if a taxpayer believes they have a reasonable excuse for submitting a VAT return or payment late.
