misdeclaration penalty

misdeclaration penalty
A penalty of up to 15% of the value added tax lost in understating the VAT liability or overstating the VAT refund due on the VAT return, when the amounts involved are material. The penalty will apply if the inaccuracy equals the lesser of £1 million and 30% of the total amount of tax due for the period of the VAT return. The penalty can be avoided if the taxable person can show that there was reasonable excuse, that there had been a voluntary disclosure, or that the taxable person had reason to believe that their VAT affairs were under investigation by Customs and Excise. See also persistent misdeclaration penalty

Big dictionary of business and management. 2014.

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  • misdeclaration penalty — A penalty of up to 15% of the value added tax lost in understating the VAT liability or overstating the VAT refund due on the VAT return, when the amounts involved are material. The penalty will apply if the inaccuracy equals the lesser of £1… …   Accounting dictionary

  • persistent misdeclaration penalty — A penalty used in the collection of value added tax. It applies when there has been a material inaccuracy in a VAT return, being the lower of £500,000 and 10% of the total true amount of VAT due for the quarter. The trader must also have received …   Accounting dictionary

  • persistent misdeclaration penalty — A penalty used in the collection of value added tax It applies when there has been a material inaccuracy in a VAT return, being the lower of £500, 000 and 10% of the total true amount of VAT due for the quarter. The trader must also have received …   Big dictionary of business and management

  • repeated misdeclaration penalty — A penalty HM Revenue & Customs may impose where repeated or significant misdeclarations have been made on VAT returns. HM Customs & Revenue Glossary …   Financial and business terms

  • penalty for repeated errors — See: persistent misdeclaration penalty …   Accounting dictionary

  • penalties — Amounts demanded by the tax authorities in excess of the tax due when certain statutory requirements have not been satisfied. The penalty regime for income tax and corporation tax differs from that for value added tax. For income tax and… …   Accounting dictionary

  • Tax avoidance and tax evasion — Tax avoidance is the legal utilization of the tax regime to one s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by… …   Wikipedia

  • List of Statutory Instruments of the United Kingdom, 1989 — NOTOC This is a complete list of all 1534 Statutory Instruments published in the United Kingdom in the year 1989.1 100* Criminal Justice Act 1988 (Commencement No. 5) Order 1989 S.I. 1989/1 * Food Protection (Emergency Prohibitions) (Wales)… …   Wikipedia

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