As from 2023 HMRC has introduced a new Value Added Tax (VAT) penalty and interest regime for late submissions of VAT returns and late VAT payments that replaces the default surcharge regime. We informed you about this before but the introduction was delayed to 1 January 2023. The aim of the reforms is to reduce penalties for taxpayers with a good compliance record compared to frequent offenders. In addition, the new penalties also apply to customers who submit nil or repayment returns.
Source Pinvision
Latest Posts in "United Kingdom"
- UK Upper Tribunal Confirms Right to Output VAT Adjustment for NHS Pricing Scheme Payments (Boehringer)
- Thames Freeport Gains New Customs Site Designation
- VAT Refund Claims for Great British Nuclear Projects
- Can UK Charities Reclaim VAT? Eligibility, Exemptions, and Recovery Guide
- Legal Ways to Reduce or Defer Import VAT on Goods in the UK: A Business Guide
