VAT payment deadlines & small traders. A warning. (Long)

Do you know the disclosure requirements for limited companies? Do you know the tax rules?

Reply to
Peter Saxton
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My bank is Lloyds TSB and when a DD hits the account on a certain day I have until 3.30 pm to transfer funds into the account.

Reply to
Peter Saxton

I'll let him clarify that, for the avoidance of doubt.

Funnily enough, TMH had to have it pointed out to him that he needed to display a geographical address on that site. On past form, he clearly dosn't have a clue.

Oooohhhhh!

MBQ

Reply to
Man at B&Q

In message , fred writes

Received a letter from the VAT today (VAT 60) - a yellow card in effect. I can appeal or will get a fine if it happens again in the next 12 months

Reply to
geoff

That's because it is a clearing bank

... so is barclays

I've complained to the financial ombudsman and am currently awaiting a reply

Reply to
geoff

Please don't use the f-word: what you face if you have a second late payment is a surcharge; "fines" are for criminals :)

Your issue leaves me lost though on a point about compensation if the ombudsman finds for you. So far you have suffered no loss. And if you don't miss any further payments for 12 months then you will have suffered no loss. But if you have another late payment in (say) 9 months time and get a surcharge then, and the ombudsman has found for you, does your bank have to compensate you for the surcharge then, the amount of which may have little or no relation to the amount of the payment they failed to make? Or is their liability limited to the actual loss you have suffered - ie nil?

And yes, I know I need to get out more ;(

Reply to
Robin

In article , geoff writes

Appeal it just to piss them off, grounds:

  1. it is reasonable to expect that the DD will be applied during normal banking hours (00:01 is not).
  2. their claim that their is 3days grace from return to DD is invalid if they take the dosh 2 x 24hr periods plus one minute later.

Mind you, even for the significant sum involved I would have had it in place with a little more margin. Did you forget ;-)

Reply to
fred

In message , fred writes

I am appealing I've lodged complaint with the financial ombudsman and have received an acknowledgement letter from BarclaysI saw my Bus. Banker today and told her that as a clearing bank, as long as it was in the account by 15:30, by law I am in the right, they can't make it up as they go along

No - I didn't see why it would be a problem, especially as I'm fairly sure I've done the same thing before

Reply to
geoff

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