As of January 2023, new penalties will apply in cases of late submission of VAT returns or late payments of VAT liabilities.
The new penalties will replace the current default surcharges.
There will also be changes in how VAT interest is calculated.
Late repayment or NIL VAT returns will also be subject to penalties.
Source Taxbackinternational
Latest Posts in "United Kingdom"
- Updated Form VAT2: Partnership Registration Now Requires Each Partner’s Date of Birth
- Lowering VAT Threshold Risks Breaching Labour’s Manifesto, Warns Self-Employed Association
- UK Court Denies Casino’s Appeal for Alternative VAT Calculation, Blocking Tax Reduction
- Looking Again At Options To Tax supplies of land or buildings
- High Court Rules Curaçao Bank Unaware of £220m VAT Fraud, Dismissing Liquidators’ Claims
