repeated misdeclaration penalty

repeated misdeclaration penalty
A penalty HM Revenue & Customs may impose where repeated or significant misdeclarations have been made on VAT returns. HM Customs & Revenue Glossary

Financial and business terms. 2012.

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Look at other dictionaries:

  • persistent misdeclaration penalty — A penalty used in the collection of value added tax. It applies when there has been a material inaccuracy in a VAT return, being the lower of £500,000 and 10% of the total true amount of VAT due for the quarter. The trader must also have received …   Accounting dictionary

  • persistent misdeclaration penalty — A penalty used in the collection of value added tax It applies when there has been a material inaccuracy in a VAT return, being the lower of £500, 000 and 10% of the total true amount of VAT due for the quarter. The trader must also have received …   Big dictionary of business and management

  • penalty for repeated errors — See: persistent misdeclaration penalty …   Accounting dictionary

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