UK HMRC has published guidance on the new VAT penalty regime for late submission and late payment, which entered into force on 1 January 2023. As previously reported, the new penalty regime was introduced by the Finance Act 2021 and was to apply for VAT taxpayers from 1 April 2022 but was delayed to 1 January 2023. The penalty regime is summarized as follows for late submission and late payment:
- Late submission - Instead of automatically receiving a financial penalty for failing to meet sub…