HM Revenue and Customs is reminding VAT registered businesses to file their returns and pay on time, ahead of new penalties being applied.
The first monthly returns and payments affected by the penalties are due by 7 March 2023.
The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start after that date.
The penalties for late VAT returns also apply to businesses that submit nil returns and repayment returns. Changes have also been made to how interest is calculated.
HMRC is also reminding businesses to be mindful of scams as they adjust to the changes. Businesses should never share their HMRC login details. Someone using them could steal from the business or make a fraudulent claim in their name.
For further information please select the following link HMRC reminds businesses about new VAT penalties and interest payments - GOV.UK (www.gov.uk)