A new way of setting penalties for late submission of VAT returns and payment of VAT has been announced by HMRC. The changes will apply to VAT payers for accounting periods beginning on or after April 1, 2022, to income tax self assessment customers (ITSA) with business or property income over £10,000 per year (who are required to submit digital quarterly updates through Making Tax Digital for ITSA) for accounting periods beginning on or after April 6, 2023, and to all other ITSA taxpayers for accounting periods beginning on or after April 6, 2024.
In this article, you’ll read a summary of the draft legislation and explanatory note for the new Late submission Penalties, Late Payment Penalties and Late Payment Interest for VAT.
Source: pincvision.com
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