- Effective from 31 July 2025, new late payment penalties for VAT will increase, with penalties of 3% applied for payments overdue by 15 days, an additional 3% for 30 days, and a significant 10% for amounts unpaid after 30 days.
- From 1 July 2025, the Treasury can extend the deadline for submitting final VAT returns for businesses de-registering for VAT, providing relief from penalties during processing delays.
- Taxpayers facing financial difficulties can request a ‘Time to Pay’ plan to manage outstanding VAT liabilities in installments, potentially avoiding penalties if agreed upon in advance.
Source gov.im
Latest Posts in "United Kingdom"
- Updated Form VAT2: Partnership Registration Now Requires Each Partner’s Date of Birth
- Lowering VAT Threshold Risks Breaching Labour’s Manifesto, Warns Self-Employed Association
- UK Court Denies Casino’s Appeal for Alternative VAT Calculation, Blocking Tax Reduction
- Looking Again At Options To Tax supplies of land or buildings
- High Court Rules Curaçao Bank Unaware of £220m VAT Fraud, Dismissing Liquidators’ Claims
