- Most UK businesses believe the old VAT late payment penalty system was fairer.
- Only about one-third support the new penalty system introduced in January 2023.
- The new system uses points-based penalties and escalating fines for late payments.
- The changes affect around 2.4 million VAT-registered businesses.
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.
