hi folks ,
would anybody be kind enough to give a few detailed steps on how to calculate penalties on late submission on vat ? obviously the 10 % penalty is a basic but from what i can ascertain interest is calculated monthly on vat and not daily from what i heard like on p.a.y.e. ?
also , is all the info inputted on the return page just like paying penaty / interest on late submission of p.a.y.e. ? i remember having a major brain drain not realising that the one and only time paying vat past the 25th of the month would incur penaties etc but also did not realize that being a easy filer i had till the last day of the month to get the submission in and the payment what proceeded from then was a comedy of errors as a help desk lady tried to explain how to get the job done correctly ! remembering back i can recall having to navigate to a different page to input the penalty and interest ?
in a nut shell :
a) the formula on how to calculate interest on vat per month
b) are the amounts of the penalty / interest entered on a separate return / page from the original vat return page ?
oh how i wish there are pills for being dense in such matters !