Under this regime, HMRC will record a default on your account if you’re late submitting a VAT return or payment. If you default again in the next 12 months, you may have to pay extra on top of the VAT you owe. Do any other penalties apply? Yes – HMRC can also impose a penalty...
Late payment interest if you don’t pay VAT or penalties on time You’ll be charged late-payment interest on overdue payments for VAT accounting periods starting on or after 1 January 2023 (the VAT default surcharge will still apply to previous accounting periods). Need to know! Late payment...
From 1 January 2023 HMRC is introducing simplified penalties for late submissions and payments. 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...
I have what I certainly hope is a unique situation as no one anywhere should endure this. I would appreciate any pointers as to what a logical next step would be. I am an overseas seller into the UK. Inanticipationof the commencement of trading, we registered for VAT in June. After no...
HMRC Over-Reach Themselves in Applying Late Filing Daily PenaltiesDenniss, Martin
AVOIDING CLIENT PENALTIES All those working in the tax compliance field will be aware of HMRC's penalty regime and tendency to impose penalties for late returns, late payment or errors in the information supplied to HMRC. Every individual and business is expected... J Oulton - 《Accountancy》 ...
month. The Direct Debit is always collected shortly after 22nd. This means your client may receive a generic notification saying that their payment is late. This generic notice isn’t a penalty, it is an advisory notice informing a customer/agent that their payment was received after th...
The VAT liabilities will display the money you owe to HMRC. This report will show the original and outstanding amount for each VAT type. 11 View MTD VAT Penalties The VAT penalties allows the retrieval of all penalty details that have been applied to a VAT account. Twenty-four months' worth...
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,...
“Pulling the payment rug out from beneath me at such short notice should simply not happen. I understand that the legislation banning card payments may have been around for many months — why has HMRC not given people more time to plan their payments?” ...