VAT Penalties: 2023 changes to late filing and late payment penalties

Are you up to scratch with the VAT return changes?

The VAT penalty regime for late VAT return submission has been completely changed for VAT return periods commencing on or after 1 January 2023.

Let's break this down and have a detailed look at the new system of penalties which replaced the default surcharge regime for all VAT returns.

As well as this, our upcoming webinar will cover defences against the new penalties and offer practical tips and guidance on how to deal with penalty charges.

What will I learn?

• Operation of the new points based system of fixed penalties for late filing;
• Operation of the new tax-geared penalties for late payment of VAT;
• The introduction of interest charges on late paid VAT;
• Top tips for negotiating a time to pay arrangement with HMRC;
• The meaning of ‘reasonable excuse’: it is a defence to the imposition of points and penalties that the taxpayer had a reasonable excuse.

Speakers

 

Sarah Kay

Sarah is the Lead Technical Writer at Croner-i on indirect tax.