The new regime will come into play for VAT for accounting periods beginning on or after 1 April 2022 and creates a “standalone” late submission penalty using a points basis depending on how the VAT return is submitted. When you reach the points threshold, the fixed penalty of £200 is levied. The level of points threshold depends on the taxpayer’s submission frequency: annually = 2 points, quarterly = 4 points, monthly = 5 points.
Source: centurionvat.com
Latest Posts in "United Kingdom"
- Understanding VAT Obligations and Reliefs for Charities in the UK
- Guide to Claiming VAT and Import Duty Repayments: Eligibility, Process, and Requirements
- AI in Tax: Balancing Innovation and Risks in a Rapidly Evolving Landscape
- Deos Group.co.uk Ltd Wins Appeal Against HMRC on VAT Input Tax Disallowance and Penalty
- Colchester Institute Corporation v HMRC: VAT on Government Grants for Free Education Services
