From 1 January 2023 the new penalty points system for late VAT returns came in to force. HMRC will allocate 1 point each time a filing deadline is missed; your points for late returns will expire after the specified period has elapsed (see below) unless you go over the penalty. Points are also issued for…
Tag Archives: VAT penalties
The Government announced pre-pandemic that it intended to change the way interest and penalties are applied for VAT purposes. After a number of delays, the new rules are to be implemented for VAT periods starting on or after 1 January 2023. The default surcharge will be replaced by new penalties if a VAT return is…
