VAT fines!

From the start of January 2023, HMRC have revised the way in which late VAT submissions are treated as well as the way interest is charged. Going forward, any late submissions will work on a points-based system, and any late submission will incur one penalty point.

As soon as a penalty point threshold is reached, you will incur a £200 fine. For any subsequent late filing there will be a further £200 fine. More information can be found here:

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