For VAT accounting periods starting on or after 1 January 2023, it’s out with the old – the default surcharge regime – and in with a new penalty system designed to be fairer and more proportionate.
Important updates to HMRC’s VAT penalty systems
HMRC has introduced a new penalty regime for VAT periods which start on or after 1 January 2023. This includes new systems for late filing penalties and late payment penalties.
