- HMRC updated their guidance on VAT late-payment penalties
- The update includes details of penalties for VAT payments overdue by 31 days or more
- A new example shows penalties for payments outstanding six days before a two-year limit
- Changes were made to assess penalties before full tax payment within two years
- This addresses a potential avoidance loophole
Source: taxjournal.com
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"
- HMRC Clarifies VAT Treatment of Overage Payments on Land Sales
- VAT Error Correction: Amending Returns, Claiming Refunds, and Avoiding Penalties
- Court of Appeal Upholds Standard VAT Method in Hippodrome Casino Case
- Hotelbeds v HMRC: Businesses Can Reclaim VAT Without Invoices, Court Rules
- NHS Trust Wins VAT Exemption for Agency-Supplied Locum Doctors Against HMRC
