VAT any one experienced in it?

I have registered for vat too late and went over the threshold by 拢14000.00 Ive been told I will have to pay the whole years Vat and face a 100% fine this could cost me 拢26000.00 and may have to close the company-- has this happened to anyone. Or is there anyway out of it???

The VAT due is only from the date you SHOULD have registered. Prior to that time you weren't liable to be registered so you couldn't charge VAT.
So the VAT due is on sales of 拢14,000 (拢2085) less any input tax you can claim on purchases and expenses since the date you should have registered. This should reduce the VAT considerably and effectively you only end up paying VAT on your margin. You can also reclaim VAT on any purchases you made prior to the date you should have registered, subject to fulfilling certain conditions.
You don't say what the business is, but remember you can always go back and charge VAT to those customers who are themselves VAT registered. They don't care as they can (probably) reclaim it.

I suggest you consult an accountant versed in VAT.

OK then, now whilst I'm not an expert the HMRC website suggests that you only need to charge (and therefore pay) VAT from the date you are liable to be registered.

"You should be aware that you are required to account for and pay any VAT due from the date you are liable to be registered, not just from the date you apply for registration or from when you receive your certificate.

Although you cannot charge VAT before you are registered or show VAT as a separate item on any invoices you issue, you can change your prices to include VAT. You can do this from the date you should be registered and before you receive your Certificate of Registration. You will need to explain to your customers that you will be sending them VAT invoices later. Once you have your registration number you should send the invoices, showing VAT, within thirty days. If you have asked for voluntary registration you will need to start accounting for VAT from the registration date you asked for on your application form, as long as you actually made supplies/provided services from that date.

If you are starting a business and thinking about VAT Registration, you may find it helpful to build these timings into your planning."

Here's the link the page I got this from.

http://customs.hmrc.gov.uk/channelsPorta...

I think you need to speak to your accountant!

Doesnt sound right to me. Who gave you this info

You should contact the customs and excise deaprtment of Inland Revenue for further info and you will then also be able to negociate a suitable payment arrangement thereon

Firstly, who is telling you this? I would only take advice from HM Revenue and Customs, or a practicing registered accountant.

It depends on your Sales and Purchases, but there are so many expenses you can use to increase your input VAT, that the Sales VAT should be fairly minimal to a smallish company.

Be open and honest and the VAT man should help you, he may even let you pay it in instalments, after all, if you go bust, they'll never get their money.

If you already have an accountant, change - they should have advised you to register for VAT a long time ago.