HMRC is sending agents copies of the VAT penalty notices issued to their clients, but it has deliberately removed the taxpayer’s identification details in response to GDPR concerns.
Two new VAT penalty regimes are now in place for VAT periods that start on or after 1 January 2023. Emma Rawson explained how the late filing financial penalties will be imposed once a set number of points have been awarded, and that the separate late payment penalty system provides a 30-day grace period for payment in the first 12 months.
Source: www.accountingweb.co.uk
