Action Points

If you receive a VAT estimate (because you have not submitted a return), you should investigate and notify HMRC within thirty days if you understand your investigation.
Make sure your system and records are adequate to establish the total tax amount for the VAT period. The preparation of annual accounts is not considered protection from fines.
Make sure you receive your VAT return and payment on time.
Some of these penalties do not apply if there is a reasonable cause, but the scope is limited and should not be relied upon

If in doubt, contact us. You must seek professional advice as soon as possible. We can help you!