In light of the recent changes in VAT penalty regulations, we urge you to pay closer attention to your VAT filing deadlines. The updated regime, which came into effect earlier this year, has brought significant implications for late submissions – even for NIL returns or returns warranting a refund.
This means if you’ve fallen into the habit of sidelining these deadlines, you could find yourself on the receiving end of a rather hefty fine.
The new system imposes a ‘point-based’ penalty for late submissions, akin to a speeding fine. Each late return will earn you a point. Accumulate five points, and you’ll find yourself facing a £200 fine for every subsequent late return.
To prevent such financial inconvenience, we urge you to send us your information well ahead of time. This will allow us to fulfil all deadlines, keeping you and your business compliant and free from avoidable penalties.
Mark the key dates in your calendars and don’t wait until it’s too late! Reach out to our expert team today for support with your VAT returns and to ensure timely submissions. Together, we can help you stay compliant and penalty-free. Contact us now to get started.