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. […]