Cancelled VAT DD by mistake

[skippy]

I did this and paid the wrong amount.

Do a faster payments into the account, phone HMRC and tell them what you have done. Reset up the DD.

If your honest about it they are NOT out to screw you.

You can always do a CHAPS payment - it will cost £20 - £40 depending on your bank but it will keep Mr HMRC happy

[TOSH1]

AFAIR the first late payment in a 12 month period is warning only. After that its a penalty based on percentage of vat due, but with a threshold which, as I recall, only cuts in if your vat is £20k or so.

Haven't checked the detail for a while, so I'm only 99% on this.

Thank you

[Jessica@WhiteFieldTax]

. Does anyone know if there are any fines or penalties for this?

AFAIR the first late payment in a 12 month period is warning only. After that its a penalty based on percentage of vat due, but with a threshold which, as I recall, only cuts in if your vat is £20k or so.

Haven't checked the detail for a while, so I'm only 99% on this.

[sbakoola]

there's no problem in doing that you can just pay the outstanding amount electronically provided you get the correct sort code and bank account number for HMRC VAT payments, remember to put your VAT number for your limited company for their reference (important). You should see the 'balance' on your VAT online account be credited with the amount you pay electronically and then go back down to 0 after VAT actually take that money after you submit your VAT return.

[stek]

I did this and paid the wrong amount.

Do a faster payments into the account, phone HMRC and tell them what you have done. Reset up the DD.

If your honest about it they are NOT out to screw you.

HMRC don't do faster payments though (yet), they expressly say!

[Sockpuppet]

I did this and paid the wrong amount.

Do a faster payments into the account, phone HMRC and tell them what you have done. Reset up the DD.

If your honest about it they are NOT out to screw you.

[northernladuk]

Someone did this a couple of months ago... I believe he gets parole quite soon so he should be able to help.

[stek]

Well yes, they are very well published, though if you pay straight after probably none or or a minimal amount...

They are not on faster payments remember tho I still think u'll be ok...

[stek]

Well yes, they are very well published, though if you pay straight after probably none or or a minimal amount...

[TOSH1]

Hi

I have a VAT payment going out on Monday.

I went into my business account to cancel a Direct Debit for my mobile phone and cancelled the VAT by mistake.

The VAT payment was meant to go out on Monday which won't know. Does anyone know if there are any fines or penalties for this?

Regards