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What are the consequences if I submit an incorrect VAT return?


What are the consequences if I submit an incorrect VAT return?

We recognise that as a business owner, you are quite busy. You have a million and one things on your plate, and the last thing you want to worry about is submitting your VAT return wrong.

If the worst case scenario occurs and you make an error on your VAT return or miss the deadline, Revenue can “default” your company on its VAT obligations. During the ‘default’ phase, you may be subject to the following surcharges and penalties:

  • Surcharges: If Revenue does not receive your VAT return by the deadline, or if full payment for the VAT has not reached their account by the deadline, you may be obliged to pay a surcharge.
  • Penalties: The Internal Revenue Service may also assess a penalty if you fail to file your tax return by the deadline or disclose the required information.

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