Glossary entry (derived from question below)
Dutch term or phrase:
verzuimboete
English translation:
default surcharge
Added to glossary by
Carolien Hermans
Apr 26, 2012 06:50
12 yrs ago
2 viewers *
Dutch term
verzuimboete
Dutch to English
Other
Law: Taxation & Customs
aanslagbiljet
Boete die men moet betalen indien geen aangifte is ingediend. Penalty?
Proposed translations
(English)
| 4 +1 | default surcharge |
Josephine Isaacs (X)
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Proposed translations
+1
10 mins
Selected
default surcharge
http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPort...
How default surcharge works:
...Default Surcharge is a civil penalty to encourage businesses to submit their VAT Returns and pay the tax due on time...
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Note added at 1 hr (2012-04-26 08:08:37 GMT)
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Perhaps this helps:
What is meant by the term default?
VAT registered businesses are required by law to submit their return and make sure that payment of the VAT due has cleared to HM Revenue & Customs (HMRC’s) bank account by the due date. The due date is shown on your VAT Return and is normally one calendar month after the end of the accounting period covered by the return. If you submit online returns the due date for your return is shown on screen. You will be in default if by the due date:
we have not received your VAT Return (this applies even if your return is ‘nil’ or shows a repayment due from us), and/or
full payment for the VAT shown as due on your return has not cleared to our account.
3 KudoZ points awarded for this answer.
Discussion
Just wondering if it could be the case that no tax is due and no return is required. OR the case where no tax is due, yet a return is still required to be filed, in which case a "failure to file" penalty would be assessed.