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"
- VAT Recovery Falls Despite Increased Crackdown on Business Tax Avoidance, HMRC Figures Show
- VAT Late Filing Penalties: Software Failure and Employee Error Not Reasonable Excuse, Appeal Dismissed
- Corrupt Directors Jailed for £20m VAT Fraud After Secret Meetings and Fake Offshore Schemes
- Input VAT Denied: Insufficient Evidence and Pre-Registration Supplies—SM Development North West Ltd Appeal Dismissed
- HMRC Cannot Deny Input VAT Recovery Where Valid Invoice Exists: Eurocent (Buckingham) Ltd v HMRC
