surcharge liability notice

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A notice issued when a trader is late with a value added tax return or with the payment of the tax. The surcharge period is specified on the notice and it will run to the anniversary of the end of the period in which the default occurred. Any default during the surcharge period will result in a further notice extending the period to the anniversary of the end of the VAT period in which the second default occurred.

Subjects: Financial Institutions and Services — Accounting.

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