If you run a VAT-registered business, you should be aware that HMRC has introduced new penalties for late submission of VAT returns for accounting periods starting on or after 1 January 2023. These also apply to nil or repayment VAT returns. The new rules replace the VAT default surcharge, ...
Late submission penalties will work on a points-based system. If your client does not submit their return on time, they may receive a late submission penalty point and a fine. Late payment penalties may be charged if your client does not pay on time, depending on how...
HMRC Over-Reach Themselves in Applying Late Filing Daily PenaltiesDenniss, Martin
However, Stokes believes that waiting for the banks and HMRC to act could be costly as taxpayers may receive penalties, including for: failing to notify HMRC about savings income earned paying any tax owed late “The law says that in some situations, [taxpayers are] responsible for telling HMR...
You can still avoid late filing penalties. Have you been issued a penalty notice from HMRC for not filing your corporate tax returns? Worry not. You may still be exempt from late filing penalties if you are a victim to a valid, excusable reason. In the UK, companies ha...
Introduced in late 2012 this potentially carries its own penalties. Small and newer businesses are the most likely targets. Representation You do not necessarily have to deal directly with an HMRC PAYE check yourself. If you wish this can be undertaken on your behalf by an expert third party,...
Late filing penalties will apply on a monthly basis where payment information is not received. No penalty will apply for the first month in each tax year that returns are filed late. This exception does not apply to those employers operating annual schemes. Full information: What happens if ...