HMRC revising penalties for late payment of VAT

VAT

HMRC is reforming its mechanism for penalising late payment of taxes. Reforms will initially apply to late payment of VAT and Income Tax Self-Assessment. The revised Late Payment Penalties system will replace the Default Surcharge penalty for VAT noncompliance. The changes will apply to VAT taxpayers for the accounting periods beginning on or after 1 April 2022. […]

Cookies are used on our site to help give you the best user experience possible and to provide a level of enhanced functionality. If you continue viewing the site without changing your settings, we will assume you are happy to receive all cookies. Your cookie settings can be changed at any time by using the guidelines in our cookie policy. You can also click on the information button for further details.