Changes to VAT penalties and interest
At CavanaghKelly, we have a team of experienced professionals dedicated to offering Payroll and VAT services to our clients, and ensuring they are up to date with all process and system changes.
For VAT return periods starting from 1 January 2023 onwards, the VAT default surcharge regime has been replaced by a new penalty system with separate penalties for late submission of VAT returns and late payment of VAT. The new system has also changed the way in which interest is calculated when taxpayers are late in paying HMRC and vice versa. For ease, we have summarised in this article, the key changes as reported by HMRC. To read more from the HMRC website click here.
For more support and guidance on how these changes may affect you and your business, contact our Payroll and VAT specialists on 028 8775 2990.
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Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.