HMRC have been reminding businesses to file their VAT returns and pay any liabilities on time ahead of new penalties being introduced.
The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge system and apply to accounting periods which start after that date.
The penalties also apply to businesses that submit nil returns and those in a repayment position. Additionally, changes have been made to how interest is calculated.
If you have concerns on how the new rules apply to you, give us a call.
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