- HMRC updated Internal Guidance VGROUPS01530 on VAT penalties for late submissions
- Penalties are based on a points system
- For VAT groups, the representative member holds a single liability for all points
- Liability for points transfers to a new representative if there is a change
- New members joining a VAT group do not bring their previous points
- Members leaving a VAT group and registering independently start with zero points
- Divisions within a VAT group are liable for their own points and penalties separately
- Each division has its own maximum points total
Source: deeksvat.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "United Kingdom"
- New Updates on Correcting VAT Errors: Key Changes and Guidance for Businesses
- Tribunal Rules on VAT Status of Government Grants for Free Educational Services by Colleges
- Colleges Win £2.8 Million Tax Rebates Amid VAT Rule Dispute with HMRC
- The UK Should Lower or Abolish, Not Raise, Its VAT Registration Threshold
- UK Should Lower or Abolish VAT Threshold to Boost Small Business Growth and Efficiency
