persistent misdeclaration penalty

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 a surcharge liability notice resulting from a previous error within the 15 months prior to the current VAT period. In these circumstances a penalty for repeated errors of 15% of the VAT lost will be charged.

Accounting dictionary. 2014.

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  • 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

  • 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

  • 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… …   Big dictionary of business and management

  • 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

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