The Financial Secretary to the Treasury announced that the new VAT penalty regime has been further postponed. The decision aims to provide HMRC with more time to settle the required system improvements. The new system will affect all UK VAT-registered businesses and will take effect on 1 January 2023. The delay of the commencement of the new system is not the first time. The schedule of implementation was on 1 April 2020 after the completion of the first ‘soft landing‘ phase of MTD filing. Note that the delay is not relevant to the MTD deadline in April 2022.
Source: GVC
Latest Posts in "United Kingdom"
- UK VAT Threshold Debate: Growth-Boosting Increase or Revenue-Raising Decrease at Autumn Budget?
- Chancellor Proposes Raising VAT Registration Threshold to £100,000 to Boost UK Economy
- ICS2 Implementation for Northern Ireland: Transition Details and Support for Carriers by HMRC
- FTT Rules Ferrero’s Nutella Biscuits Not Partly Chocolate-Covered, Zero-Rated for VAT
- HMRC Wins Upper Tribunal Case Against Mini Umbrella Company Fraud, Tightens Compliance Rules
