VCP10810 | Misdeclaration penalty: Calculation and notification of a misdeclaration penalty: Notification of a new misdeclaration penalty

From HM Revenue & Customs · VAT Civil Penalties

Please note: VAT Misdeclaration Penalty has been replaced by the Schedule 24 inaccuracy penalty for all accounting periods where the return period commences on or after 01/04/2008 and the due date is on or after 01/04/2009. Misdeclaration penalty will still apply where the due date is before 01/04/2009.

Please see the Compliance Handbook CH80000 Penalties for Inaccuracies for further details.

When a penalty arises you should.

Notify the trader of the period(s) assessed. For guidance on what your letter of notification should contain, see the specimen letter at VCP10812.
Input on VALID a separate VAT 292 for each period for which a penalty has been assessed, see VCP10814. Both copies of the VAT 292 should be clearly headed in red “VCP10812 Letter issued”.

Retired Systems

For information about retired VAT systems go to VCP10140