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Thread: Penalty & Interest for late VAT returns?

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    Penalty & Interest for late VAT returns?

    Hi Peeps,

    I need help with the above-mentioned.

    1) What is the percentage for the Penalty? I assume it's 9.5%, but my missus says 10...

    2) What is the rate of Interest to be used?

    3) Also, how do I calculate the Interest for late returns?

    My employer's got VAT201 returns for the periods 200812 to 201012 that needs to be completed and submitted before re-activation of tax number (13 returns in total).

    -Arno-

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    Site Caretaker Dave A's Avatar
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    The penalty is 10%.

    When it comes to interest, I suggest get a settlement figure from SARS once you've filed the returns.
    The trouble with opportunity is it normally comes dressed up as work.

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