HMRC has introduced new penalty and interest rules for late returns and payments from 1 January 2023. Details here.
On 4 January 2023 HMRC published guidance on how to remove these points to avoid a penalty. This is particularly important if a business has reached the penalty point threshold.
The penalty thresholds are:
- annual returns – 2 points
- quarterly returns – 4 points
- monthly returns – 5 points
Source Marcus Ward
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