surcharge liability notice

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 in the liability notice period will result in a further notice extending the notice period to the anniversary of the end of the VAT period in which the second default occurred.

Accounting dictionary. 2014.

Look at other dictionaries:

  • surcharge liability notice — 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… …   Big dictionary of business and management

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