There are penalties if you fail to submit a VAT return within the time-frame specified by HMRC, or fail to make a payment of VAT.
The penalties for late submission of a return or late payment of VAT are quite harsh. However, HMRC will allow you to be late at least once in every 12 month period before they start to impose surcharges. Penalties for deliberate or careless inaccuracies can be up to 100% of the VAT due, but provided you are using a reliable software accounting package any errors should be minimal.
For further advice on any aspect of VAT please contact the team at Competex.
Read: VAT Explained.