late vat

i was reviewing my annual accounts before i give them to my accountant and have realised i have left out 12100 in takings for the jan feb vat period which should have been applied at 21% so i should have paid 2100 more on 19th of march. how do i calculate how much interest and penalties are on this amount. im sure my accountant will tell me but would like to know now thanks.

The Revenue is used to mistakes like this.

They might not bother charging you interest if you pay your other taxes on time.

It would be very unlikely that they charge you penalties.

For simplicity, I would just correct it in the Nov Dec tax return to pay the extra money due and send a note to the Collector General about it.

I would be very surprised if they took any action.

Brendan

thanks brendan i will keep u posted

Brendan is correct. I was asked to have a look at the books of a small company who were not satisfied with their book keeper and found huge discrepencies in the vat returns. I rang the Collector Generals office asking for a name to address a letter to re the above. I wrote with a full explanation and enclosed the balance due (without penalties) and everything was ok.

anyone have contact details for the reveune when you are late paying vat?
I want to ring and give excuses and look for instalment payments.

thx

guy incognit said:

anyone have contact details for the reveune when you are late paying vat?
I want to ring and give excuses and look for instalment payments.

thx

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Contact Revenue at Colletor General Limerick, phone number 1890-20-30-70 ( number is on your VAT form) , ask for instalment payments, they will direct you from there. Bear in mind Revenue usually charge interest on formal instalment arrangments.