From 1 April 2022, late filings will see businesses awarded ‘points’. And unlike the words of the late great Bruce Forsyth, these points most definitely do not ‘mean prizes’.
For each late VAT return, a business will receive a point. When a business reaches the points threshold it will incur a £200 fixed penalty for that return and any subsequent late returns.
Source: hillierhopkins.co.uk
