HMRC is reminding all VAT-registered business that the first monthly VAT returns and payments affected by the new penalties are those due by 7 March 2023.
The deadline for submitting VAT returns online (and for paying any VAT due) is one calendar month plus seven days after the end of an accounting period. This means that, where a monthly VAT period started on 1 January 2023 (when the new regime came into effect), a business’s first return under the new regime will be due on 7 March.
For quarterly VAT periods, the new penalties regime will first apply to returns due by 7 May 2023.
HMRC also reminds businesses that late-payment interest (under the harmonised interest regime – 6.5% from 21 February 2023) will start to run from the day after any VAT is due until the day it is paid in full.
HMRC is reminding all VAT-registered business that the first monthly VAT returns and payments affected by the new penalties are those due by 7 March 2023.
The deadline for submitting VAT returns online (and for paying any VAT due) is one calendar month plus seven days after the end of an accounting period. This means that, where a monthly VAT period started on 1 January 2023 (when the new regime came into effect), a business’s first return under the new regime will be due on 7 March.
For quarterly VAT periods, the new penalties regime will first apply to returns due by 7 May 2023.
HMRC also reminds businesses that late-payment interest (under the harmonised interest regime – 6.5% from 21 February 2023) will start to run from the day after any VAT is due until the day it is paid in full.
