VATupdate

HMRC: Policy paper Penalties for late payment and interest harmonisation

The reforms come into effect:

  • for VAT taxpayers from periods starting on or after 1 April 2022
  • for taxpayers in Income Tax Self Assessment (ITSA), from the tax year beginning 6 April 2024 for taxpayers with business or property income over £10,000 per year (that is, taxpayers who are required to submit digital quarterly updates through Making Tax Digital for ITSA)
  • for all other ITSA taxpayers, from the tax year beginning 6 April 2025

Relevant information and guidance about the changes will be made available in a less technical form for taxpayers and those who represent them before their introduction.

For more information, read:

Source gov.uk

Sponsors:

Advertisements:

* click here if you have interesting news to share *