HMRC has published multiple guidance notes on the 1 January 2023 changes to VAT penalties and interest charges. For VAT accounting periods starting on or after 1 January 2023 new penalties apply for VAT returns that are submitted late and VAT which is paid late. The way interest is charged has also changed.
The following guidance notes have been published.
Late payment interest if you do not pay VAT or penalties on time;
Penalty points and penalties if a VAT return is submitted late;
Repayment interest on VAT credits or overpayments;
How late payment penalties work if VAT is paid late; and
Removing penalty points received after submitting a VAT return late
HMRC has published multiple guidance notes on the 1 January 2023 changes to VAT penalties and interest charges. For VAT accounting periods starting on or after 1 January 2023 new penalties apply for VAT returns that are submitted late and VAT which is paid late. The way interest is charged has also changed.
The following guidance notes have been published.
Late payment interest if you do not pay VAT or penalties on time;
Penalty points and penalties if a VAT return is submitted late;
Repayment interest on VAT credits or overpayments;
How late payment penalties work if VAT is paid late; and
Removing penalty points received after submitting a VAT return late
