The new regime will come into play for VAT for accounting periods beginning on or after 1 April 2022 and creates a “standalone” late submission penalty using a points basis depending on how the VAT return is submitted. When you reach the points threshold, the fixed penalty of £200 is levied. The level of points threshold depends on the taxpayer’s submission frequency: annually = 2 points, quarterly = 4 points, monthly = 5 points.
Source: centurionvat.com
Latest Posts in "United Kingdom"
- Scottish Private Schools Warned: No Bailouts Amid Financial Strain and New VAT Policy
- Understanding VAT Penalties: When They Apply, How They’re Calculated, and Ways to Reduce Them
- EV Industry Outraged as HMRC Appeals VAT Ruling on Public Charging, Maintaining Two-Tier System
- Understanding VAT Exemptions and Compliance Challenges for GP Practices and Primary Care Networks
- UK consults on carbon border adjustment mechanism regulations
