You may be exposed to late payment fees a lot, so how should you make the accounting entries for late payment fees? If you don’t understand this part of the knowledge, let’s learn it together with the Deep Space Network.

Accounting entries related to tax late payment fees

1. When submitting

Debit: Tax payable - Value-added tax payable (tax)

Debit: non-operating expenses (penalties and late payment fees)

Credit: bank deposits

2. When paying back value-added tax

What is due but not paid< /p>

Debit: taxes payable - value-added tax

Credit: bank deposit

3. Additional payment required

Debit: previous Annual profit and loss adjustment

Credit: Taxes payable-VAT-Tax inspection adjustment

4. When paying

Debit: Taxes payable-VAT -Tax Inspection Adjustment

Credit: Bank Deposit

What will be the consequences if taxes are not paid on time?

1. Fines and late fees

If you fail to declare on time, the tax authorities will impose penalties on overdue declarations according to the circumstances. If there is a tax payable, a daily penalty of 10,000 yuan will be charged. 5. Late payment fees are levied

2. The card cannot be cleared normally

During the declaration period, taxpayers can file taxes online

3. It can happen if you are not careful Escaped households

Failure to copy tax returns as required. The tax authorities have found out the whereabouts of the company and relevant personnel through on-site, telephone and other methods. Or, although they can contact the company's accounting agent, tax preparer, etc., they have not been found. If the actual controller of the enterprise is not known or cannot be contacted, the enterprise will be judged as

A fugitive (lost contact) enterprise

Whether the tax payable exceeds the assessed tax amount or whether to pay back the tax ? Pay late fees?