Business Terms and Jargon Explained

What is Default Surcharge

Tax Definition:-

A civil penalty used to encourage businesses to submit their VAT Returns and pay the tax due on time. If the VAT Return and all tax due are not received by the due date, a business is in default. Calculated as a percentage of the VAT unpaid by the due date.

Crown Copyright. Material taken from HM Revenue & Customs. Reproduced under the terms and conditions of the Click-Use Licence.

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Term created / updated 2006-12-03 22:59:11

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