As of January 2023, a new penalty regime came into effect for late VAT filing and payments. Stockport accountants, Hallidays, part of the Xeinadin group, explain how the system works to make sure your business doesn’t fall foul.
VAT is one of the most important sources of revenue for the Government, representing 17.7% of all receipts and raising over £156 billion – more than the entire annual NHS budget. So it should come as no surprise that HMRC take an increasingly severe view of non-compliance.
- The new penalty regime
- Late filing penalties
- Late payment penalties
Source: marketingstockport.co.uk
