VAT registration after the deadline

VAT registration after the deadline

 

Question:
Hello!

We have a sole proprietorship that deals with trade. We have missed the deadline for mandatory VAT registration. We submitted an application for VAT registration two months after reaching the turnover. We are now registered for VAT. Can you tell me whether we should self-assess VAT for the period during which it has reached turnover and be included in the VAT return. What document should be charged and how to reflect it in the registers. We were told that an audit was awaiting us.

Thanks in advance!

 

Answer:

Hello,

In principle, you can self-assess VAT with a protocol under Art. 117 of the VAT Act. Unfortunately, this is unlikely to "get rid" of the audit and most likely will not save you the fine for lost VAT registration. What would save you is part of the interest for late payment of tax.

In the event of a revision by the NRA, they will establish what you describe, impose a fine and you will have to pay in addition to the fine and the value of unpaid VAT plus interest due from the time the VAT was due to the time you actually pay it. . If you wait for the revision to pass, it means a longer period in which the interest on this VAT will be charged. If you declare and deposit it now, after the audit is over, you will only have to pay interest from the moment when this VAT was due until the moment when you declared and paid it. If the amount of VAT is not large, we recommend that you wait for the audit to establish the exact (according to the NRA) amount of unpaid VAT and pay it on the basis of the audit act. If the VAT is higher and the interest on it would also be a considerable amount - you can pay it now instead of waiting for an audit.

We also enclose a calculator of the National Revenue Agency for the interest due, with which you will be able to calculate the possible interest you will owe.

http://nraapp03.nra.bg/web_interest/start_int.jsp

We hope we have been helpful to you.

Greetings!