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, ...
help desk. I have now tried to cancel the VAT registration as no sales have or will be made for the period (delaying UK rollout). This was declined. They have asked for a letter to mailed to them to challenge the cancellation. I have now also set up a tax reporting software to only...
Tax enquiries: tidy returns and avoiding late penalties HM Revenue and Customs has the power to inspect your business or personal tax affairs up to a year after you submit a return, or longer if you miss the deadline. Seeking professional counsel may help you to keep financial sanctions to ...
Late penalties now apply if you submit your production’s value-added tax (VAT) returns after the deadline for your accounting period.
HMRC Over-Reach Themselves in Applying Late Filing Daily PenaltiesDenniss, Martin
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...
This has led to a recent addition to HMRC's powers of investigation of checking the compliance of business records with that. 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 ...
The due date for payments is 22nd of the 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/a...
You can retrieve MTD VAT return details report from HMRC. The VAT returns details reports provides information about the amount you have paid to HMRC in the form of tax or reimbursement money from HMRC. 09 View MTD VAT Payments Now retrieve the VAT payment report which will contain all the ...
HMRC said: “We will no longer be accepting credit card payments from 13 January as new rules mean that we can no longer pass on what our bank charge for processing a personal credit card payment. There are a range of ways for people topay usdepending on the type of tax being paid, ...