Find out about the new points-based late submission penalties.
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, you can read:
- the Interest harmonisation and penalties for late payment and late submission tax information and impact note
- research on exploring communication needs of customers for the implementation of changes to Late Payment and Late Submission Penalties
Source gov.uk
Latest Posts in "United Kingdom"
- Understanding VAT: How It Works, Its Impact, and Options for Reform in the UK
- UK Tribunal Rules Locum Doctor Supplies via Agencies Are VAT Exempt for NHS Trusts
- VAT Rules for Workwear, Uniforms, and Staff Clothing: What Businesses Need to Know
- Understanding E-Invoicing: Benefits, Challenges, and the Future for UK Businesses and Government
- How Overseas Businesses Can Reclaim UK VAT: Eligibility, Deadlines, and Key Conditions
