AI providing misleading advice on VAT return filing

Incorrect advice provided by Artificial Intelligence (AI) and other websites is contributing to a growing trend of late VAT return filing and payment.

HM Revenue and Customs (HMRC) are reminding VAT-registered businesses that there is no extension to the statutory due dates when they fall on weekends or bank holidays.

HMRC’s systems do allow for VAT returns to be submitted at weekends or on bank holidays. However, if a business cannot do that, then the return must be submitted by the last working day before the due date. HMRC will not accept weekends or bank holidays as a reason for filing a VAT return late.

It is similar to VAT return payments. When the due date falls on a weekend or bank holiday, payment must clear into HMRC’s bank account by the working day before the due date, unless a taxpayer’s bank allows faster payments on weekends and bank holidays.

Missing the due dates for submitting VAT returns and making payments can result in interest and penalties, so it is important to have a good reminder system to ensure the deadline is met.

If you need any help with filing your VAT returns or any other aspect of VAT advice, please do get in touch. We would be happy to help you!