- The Isle of Man published new VAT (Amendment) Regulations 2025.
- First late payment penalty increased from 2% to 3% for VAT paid 15-30 days late.
- Additional penalty for VAT still unpaid after 30 days also increased to 3%.
- Second penalty for VAT unpaid over 30 days increased from 4% to 10%.
- Regulations took effect June 30 and apply from July 31 for accounting periods starting on or after June 1.
Source: news.bloombergtax.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"
- Supreme Court Confirms No VAT Recovery on Professional Fees for Exempt Share Sales – Hotel La Tour Case
- ICS2 Required for Goods Moved from Great Britain to Northern Ireland or EU from 2026
- HMRC Updates VAT Group Registration Rules: New Criteria for Revenue Protection Powers
- HMRC Updates VAT Rules for Temporary Medical Staff and Locum Doctors – Refund Guidance Included
- HMRC Guidance: Refunds of UK VAT for non-UK businesses (VAT Notice 723A)
