If your business has a turnover of £90,000 or more and sells products or services subject to VAT, then you must register to pay it and file a return to HM Revenue & Customs (HMRC) – at least once every three months.
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New VAT penalty regime – What do you need to know?
HMRC is launching a new penalty regime where VAT returns are submitted late or VAT is not paid on time.
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Penalties for businesses failing to comply with Making Tax Digital
Are you signed up to Making Tax Digital for VAT? Failure to do so will result in penalties from 1 November 2022, HRMC has confirmed.
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Penalty reform for VAT delayed until January 2023
The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury).
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Businesses that do not use MTD for VAT make more errors than those that do, study reveals
Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed.
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