With effect from 1 January 2023, for VAT returns no longer reporting on periods pre-2023, the current VAT filing and payment penalty system is to be replaced by a new system. This involves the introduction of two separate penalties: one for late submission of VAT returns, and the other for late payment of VAT liabilities. The new system will be based on penalty points. In Moore Kingston Smith’s latest insight, they explore:
- Late filing of VAT returns
- Points for penalties
- Resetting the points clock after a penalty
- Late payment of VAT
- Interest
- Avoiding a penalty
- Inability to pay
- Late payment penalties
