A guide to the new VAT penalty regimes, by Tolley Guidance.
Late submission and failure to submit returns
The following sets out the points-based penalty regime that applies when a business fails to submit a VAT return or submits a return late. The rules come into force for VAT return periods that start on or after 1 January 2023 as part of the replacement of the ‘default surcharge’ regime.
Award of penalty points point thresholds and levy of a penalty
Every time a business fails to submit a return by its due date HMRC will notify the business that it has been issued with a penalty point (FA 2021 Sch 24 Part 2 paras 5(1) 15(4); note: all statutory reference below are to FA 2021 Sch 24 unless stated otherwise).
A £200 penalty is issued when the business fails to submit a return on time and that...
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A guide to the new VAT penalty regimes, by Tolley Guidance.
Late submission and failure to submit returns
The following sets out the points-based penalty regime that applies when a business fails to submit a VAT return or submits a return late. The rules come into force for VAT return periods that start on or after 1 January 2023 as part of the replacement of the ‘default surcharge’ regime.
Award of penalty points point thresholds and levy of a penalty
Every time a business fails to submit a return by its due date HMRC will notify the business that it has been issued with a penalty point (FA 2021 Sch 24 Part 2 paras 5(1) 15(4); note: all statutory reference below are to FA 2021 Sch 24 unless stated otherwise).
A £200 penalty is issued when the business fails to submit a return on time and that...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
