do you think fines would be more or less now?
I think now are less than at the beginning as they introduced some amendment to the fines making them lower for late registration and late filling if I remember correctly. Regarding having more auditing, I don't think it has any effect but with the introduction of corporate tax who knows what happens
thanks a lot for your help. finally getting some answers so I'm happy haha 🙂
Did you receive an exception from VAT registration (TRN ending with XC)? In that case, do you still need to send quarterly zero VAT filings? It's unclear then what the purpose of the exception is
I think he got rejected for the exception for some reason but then continues to file quarterly returns and just puts zeros in all columns so it's easy. if you do get exception granted, then you don't need to do any of this. I'm in the process of applying for exception, perhaps we should stay in touch
Around 3 months late. And 100% of revenue is zero VAT so it really pissed me to have to pay a fine when I never pay VAT, but I told them and they replied that still I had to pay the fine as I registered late”¦
Never applied for VAT exception. I fill the VAT every quarter with all fields to zero except the field of zero rated sales where I write all the revenue. I use Zoho books with an accountant and he fills everything there in case there is a future audit. Zoho books makes it very easy to do the VAT filing, it takes less than 5 minutes to do
You don't need to send VAT fillings if you get an exemption.
was it a complex process for you to get the exception? did you have to provide a lot of documents or proof like bank statements?
I have the same question, is it easy to accomplish ?
Where did you send this explanation? I can't find any information online on where to apply for this exemption. I even called the FTA and they didn't know either.
