Update Oct 12, 2021: Update made to Late submission penalties under Proposed revisions. The first charge penalty for 31 days after the payment due date has been updated.
This measure introduces reforms to the penalty regime for late submission of tax information, late payment of tax and HMRC interest harmonisation, to provide a consistent and simpler system across VAT and Income Tax Self-Assessment.
You can read:
- a technical notes on penalties for late submission
- a technical notes on penalties for late payment and interest harmonisation
- research on exploring communication needs of customers for the implementation of changes to Late Payment and Late Submission Penalties
Source gov.uk
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