United Kingdom HMRC sounds warning on new VAT penalties 06 March 202359 views1 min read HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied. The tax authority says that the new penalties will be ‘fairer and more proportionate’ for businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start after that date. Source Grant and Co Tax authorities / Penalties / Interest Political agreement on Windsor Framework UK announces new package of sanctions against Russia and designates additional individuals/companies
HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied. The tax authority says that the new penalties will be ‘fairer and more proportionate’ for businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start after that date.
