VALUE ADDED TAX – late payment of VAT – default surcharges appealed against – insufficiency of funds – whether the cause of the insufficiency amounted to a reasonable excuse within section 59)7)(b) VATA and having regard to section 71(1)(a) VATA – Customs and Excise Commissioners v Steptoe [1992] STC 757 considered and applied – the cause was cash flow difficulties resulting from a combination of defaulting debtors and the reluctance of the Appellant’s bank to extend further borrowing facilities – held a reasonable excuse had been made out – appeal allowed
[2011] UKFTT 426 (TC)
Bailii
England and Wales
Updated: 26 October 2021; Ref: scu.443120 br>