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
Latest Posts in "United Kingdom"
- Considerations for the UK E‑Invoicing Mandate Roadmap – Discussion Paper (P2P Network / UKeLab)
- Research and analysis Electronic invoicing: SME usage and attitudes
- Revisiting the 5% Rate for Building Works
- Upper Tribunal: VAT Not Reduced on Pharma Payments by Boehringer Ingelheim to DHSC
- UT: Payments to DHSC by Medicine Manufacturer Not VAT Price Reductions; Rebate Mostly Denied
