The 1st January 2023 sees the start of a new penalty regime for those who submit a late VAT return. The system uses a points based approach, as opposed to the previous Default Surcharge system, and you can catch up on the details here
These new rules will not apply to a return if it is:
- The 1st VAT return for a new registration
- The Final VAT return when you cancel your registration
- One-off returns covering a timescale different to a month, quarter or year (say a return of four months which might happen when there’s a change in your VAT Return cycle)
Source Centurion
Latest Posts in "United Kingdom"
- Interest Payable on VAT Element of Commercial Debt Under Late Payment of Commercial Debts Act 1998
- Addressing Unfair VAT Repayment and Interest Rates: CIOT and ATT Autumn Budget 2025 Representation
- UK Tribunal Clarifies Input VAT Deductions and HMRC Discretion Under VAT Regulations 1995
- UK Tribunal Rules Company Cannot Reclaim Input VAT Due to Pre-Registration Purchases and Invalid Invoices
- Permission to Make Late VAT Appeal Refused: Choudhury v HMRC, Martland and Katib Applied
