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A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT was due to be introduced from April 2022.
A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT was due to be introduced from April 2022. However, it has been recently announced that the start has been delayed until January 2023. The same system will also apply to returns under MTD for income tax and those penalties will now start in April 2024.
Under the new regime taxpayers will accumulate points for late submissions, and only after reaching a certain threshold will an automatic penalty be imposed. The threshold will depend on how regularly the taxpayer is required to submit a return.
09 May 2022
HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.
Up to eight more nuclear reactors could be delivered to existing sites as part of the UK's new energy strategy.
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