VATupdate

HMRC: New penalties for submitting VAT returns or paying VAT late

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

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