Magenta Accounts | More Than Just Numbers

VAT PENALTIES AND INTEREST

Friday, 17 February 2023 12:32 Written by admin

There have been some significant changes to VAT penalties and interest if you submit a late VAT Return for an accounting period starting on or after 1 January 2023 and / or if you pay the liability later than the due date.

There are separate penalties for late submission and late payment and they can be significant.

If you are struggling to pay your liability on time, then you must consider a Time To Pay arrangement asap to reduce any penalty being charged.

Please contact us should you require any assistance.

All detail can be seen at this link:

https://www.gov.uk/government/collections/vat-penalties-and-interest

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VAT PENALTIES AND INTEREST

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