(d) Advise Trent Limited of the consequences arising from the submission of the incorrect

(d) Advise Trent Limited of the consequences arising from the submission of the incorrect value added tax (VAT)

return, assuming that the company has previously had a good compliance record with regard to accounting

for VAT. (6 marks)

(d) Default surchargeAlthough the VAT return was submitted on time (i.e. within one month of the end of the tax period), part of the quarterly VATliability has not yet been paid. As a result this payment will be made late and a surcharge liability notice