VAT
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PAYMENTS AND REPAYMENTS • HM Customs and Excise is reminding companies registered for VAT about the need to submit VAT returns, and to pay tax, by the due dates. VAT return forms are currently being issued to companies two or three weeks before the due date, rather than the usual six weeks.
The issue of VAT return forms for the period ended 30 June 1987 has been completed, however, and these returns must be submitted to HM Customs and Excise, and any tax must be paid by 31 July. Any instance where a VAT return, or payment is received late by HM Customs and Excise may count as a default for surcharge purposes.
The issue of VAT returns for the next accounting period ending 31 July 1987, which will be due for submission by 31 August, will start shortly.
Repayments of VAT, delayed by the recent industrial action at the central computer section in Southend in June, are now being made. Repayments which have been unreasonably delayed because of the dispute will qualify for a repayment supplement.