For VAT return periods starting from 1 January 2023 onwards, the VAT default surcharge regime has been replaced by a new penalty system with separate penalties for late submission of VAT returns and late payment of VAT. The new system also changes the way in which interest is calculated when taxpayers are late in paying HMRC and vice versa.
Source BDO
Latest Posts in "United Kingdom"
- UK Announces New Steel Trade Measure to Protect Domestic Industry from 2026
- HMRC Launches Custom OTT Notification Feature for Tariff Changes
- UT classifies O’Neill wetsuits as textile garments, overturning lower-duty rubber classification
- HMRC Updates Guidance on Post-Clearance Amendments to Import Declarations
- Healthspan Ltd – UT – Admissibility of Expert Evidence in £56 Million VAT Dispute
