The 1st January 2023 sees the start of a new penalty regime for those who submit a late VAT return. The system uses a points based approach, as opposed to the previous Default Surcharge system, and you can catch up on the details here
These new rules will not apply to a return if it is:
- The 1st VAT return for a new registration
- The Final VAT return when you cancel your registration
- One-off returns covering a timescale different to a month, quarter or year (say a return of four months which might happen when there’s a change in your VAT Return cycle)
Source Centurion
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