HM Revenue and Customs (HMRC) is reminding Value Added Tax (VAT) registered businesses to file their VAT returns and pay on time, ahead of new penalties being applied. The new penalties will be fairer and more proportionate for businesses who submit their VAT returns or pay their VAT late, HMRC says. The first monthly returns and payments affected by the penalties are due by 7 March 2023. Paul Riley, director of Tax Administration, HMRC, said: “Our aim is to help customers get things right before monetary penalties are applied; a points-based system for late VAT returns will not punish the occasional error. We are contacting 2.5m VAT registered businesses about the changes and will continue to support customers to help them manage their tax affairs and payments.”
Read more: Accountancy Daily
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