{"id":5446,"date":"2023-01-04T14:51:23","date_gmt":"2023-01-04T14:51:23","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=5446"},"modified":"2023-01-04T15:29:14","modified_gmt":"2023-01-04T15:29:14","slug":"new-vat-penalties","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/","title":{"rendered":"New VAT Penalties"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\">HMRC Penalties for VAT &#8211; Late Payment &amp; Late VAT Returns: How to Avoid Surcharges and Penalties and Interest<\/h1>\n\n\n\n<p>Are you submitting your VAT returns on time? From January 1, 2023, late VAT returns (including nil payment returns) will result in penalty points. Don&#8217;t risk a \u00a3200 fine \u2013 learn how the points system works and how to prevent penalties for a late submission. Starting on January 1, 2023, HMRC will make late submission charges to VAT returns for periods beginning on or after that date. This change replaces the previous HMRC late VAT default surcharge and late payments. How interest is charged will also change, affecting all VAT return submitters, including those submitting nil or repayment returns. The previous VAT penalty regime surcharge period ran for 12 months before the filing deadline. And this applies to unpaid VAT payments which HMRC did not receive before the due date. The VAT penalties that applied in 2022 and previously have now changed.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><a href=\"http:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-scaled.jpg\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"http:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-1024x683.jpg\" alt=\"\" class=\"wp-image-5450\" srcset=\"https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-1024x683.jpg 1024w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-300x200.jpg 300w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-768x512.jpg 768w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-1536x1024.jpg 1536w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-2048x1365.jpg 2048w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-750x500.jpg 750w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">VAT Submission<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">How HMRC Late Submission Penalties Work for Late Filing and the new Surcharge and Penalties regime<\/h2>\n\n\n\n<p>It is essential as a VAT taxpayer to send your VAT return by the deadline for your accounting period. Your accounting period is when you need to send a return to HMRC (e.g., quarterly). Late submission penalties are based on a points system. You will receive a penalty point for every late VAT return you submit. Once you reach a certain number of penalty points (determined by your accounting period), you will be fined \u00a3200 for each subsequent late submission. And the fines increase by \u00a3200, so the next fine within 12 months would be \u00a3400. If you want to make sure you pay less than \u00a3400 in VAT penalties, you need to ensure your VAT returns are filed on time. If you receive a liability notice, you should respond to avoid penalties and interest. HMRC have more information <a href=\"https:\/\/www.gov.uk\/guidance\/penalty-points-and-penalties-if-you-submit-your-vat-return-late\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Penalty Point Thresholds by Accounting Period<\/h3>\n\n\n\n<p>The maximum number of penalty points you can receive is determined by your accounting period.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Accounting period<\/th><th scope=\"col\">Penalty points threshold<\/th><\/tr><\/thead><tbody><tr><td>Annually<\/td><td>2<\/td><\/tr><tr><td>Quarterly<\/td><td>4<\/td><\/tr><tr><td>Monthly<\/td><td>5<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Penalty Example for a Business Making Quarterly Returns<\/h3>\n\n\n\n<p>For a company that submits VAT returns quarterly (with a penalty point threshold of 4), the following scenario would result in penalties:<\/p>\n\n\n\n<p>The company has already received three penalty points for submitting three previous returns late. The company submits their next return late and receives a fourth penalty point.<\/p>\n\n\n\n<p>Because they have reached the penalty point threshold of 4, they are fined \u00a3200. The company then submits their next return on time. They remain at the threshold of 4 penalty points but do not receive any additional fines. The company then submits their next return late. Since they are still at the threshold of 4 penalty points, they are fined an additional \u00a3200.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">VAT Penalties and Non-Standard Accounting Periods<\/h2>\n\n\n\n<p>Different rules apply if you have received an agreement from HMRC to use a non-standard accounting period.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Accounting period<\/th><th scope=\"col\">Penalty points threshold<\/th><th scope=\"col\">Rules that apply<\/th><\/tr><\/thead><tbody><tr><td>Over 20 weeks<\/td><td>2<\/td><td>Annual<\/td><\/tr><tr><td>Over 8 weeks and no more than 20 weeks<\/td><td>4<\/td><td>Quarterly<\/td><\/tr><tr><td>8 weeks or less<\/td><td>5<\/td><td>Monthly<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">New VAT Penalty Points regime<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Effect of Business Changes on Penalty Points<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Changing Your Accounting Period<\/h3>\n\n\n\n<p>If you have agreed with HMRC to change the frequency of your return submissions, your penalty points threshold will be adjusted. Here is how your penalty points threshold will be adjusted:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Previous accounting period<\/th><th scope=\"col\">Previous penalty point threshold<\/th><th scope=\"col\">New accounting period<\/th><th scope=\"col\">New penalty point threshold<\/th><\/tr><\/thead><tbody><tr><td>Annual<\/td><td>2<\/td><td>Quarterly<\/td><td>4<\/td><\/tr><tr><td>Annual<\/td><td>2<\/td><td>Monthly<\/td><td>5<\/td><\/tr><tr><td>Quarterly<\/td><td>4<\/td><td>Annual<\/td><td>2<\/td><\/tr><tr><td>Quarterly<\/td><td>4<\/td><td>Monthly<\/td><td>5<\/td><\/tr><tr><td>Monthly<\/td><td>5<\/td><td>Annual<\/td><td>2<\/td><\/tr><tr><td>Monthly<\/td><td>5<\/td><td>Quarterly<\/td><td>4<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">VAT Penalties when changing accounting periods<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>If you have existing penalty points, this is how they will be adjusted:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Previous accounting period<\/th><th scope=\"col\">New accounting period<\/th><th scope=\"col\">Penalty points adjustment<\/th><\/tr><\/thead><tbody><tr><td>Annual<\/td><td>Quarterly<\/td><td>+ 2 points<\/td><\/tr><tr><td>Annual<\/td><td>Monthly<\/td><td>+ 3 points<\/td><\/tr><tr><td>Quarterly<\/td><td>Annual<\/td><td>&#8211; 2 points<\/td><\/tr><tr><td>Quarterly<\/td><td>Monthly<\/td><td>+ 1 point<\/td><\/tr><tr><td>Monthly<\/td><td>Annual<\/td><td>&#8211; 3 points<\/td><\/tr><tr><td>Monthly<\/td><td>Quarterly<\/td><td>-1 point<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Note that if the adjustment results in a negative number of points, your points will be set to zero. Adjustments will not be made if you have zero points. You cannot appeal adjustments to your penalty points.<\/p>\n\n\n\n<p>If you change from a non-standard accounting period to the equivalent standard period, your points will not change.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Non-standard accounting period<\/th><th scope=\"col\">Equivalent standard accounting period<\/th><\/tr><\/thead><tbody><tr><td>Over 20 weeks<\/td><td>Annual<\/td><\/tr><tr><td>Over 8 weeks and no more than 20 weeks<\/td><td>Quarterly<\/td><\/tr><tr><td>8 weeks or less<\/td><td>Monthly<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">VAT penalty for non-standard accounting period<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><a href=\"http:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-scaled.jpg\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"http:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-1024x683.jpg\" alt=\"\" class=\"wp-image-5451\" srcset=\"https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-1024x683.jpg 1024w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-300x200.jpg 300w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-768x512.jpg 768w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-1536x1024.jpg 1536w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-2048x1365.jpg 2048w, https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Penalties-and-Interest-750x500.jpg 750w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"> VAT penalties and interest. Unpaid VAT.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Taking over a Business<\/h2>\n\n\n\n<p>If you take over a VAT-registered business as a &#8220;going concern,&#8221; the penalty points accumulated by the business will not be transferred to your VAT registration number. This will be the case even if you use the same VAT registration number.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ceasing to be VAT Registered<\/h2>\n\n\n\n<p>Any penalty points will be cancelled if you stop being VAT registered.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Appeals and Reviews<\/h2>\n\n\n\n<p>You may be able to appeal or ask for a review if you think the penalty is wrong or if you have a reasonable excuse for submitting your return late. If you have a reasonable excuse for submitting your return late, you should send your appeal or request for review to HMRC as soon as possible and no later than 30 days after the date of the penalty notice. If you do not have a reasonable excuse for submitting your return late, you should send your appeal or request for review to HMRC within 30 days of the date of the penalty notice. In either case, you should fully explain the circumstances and any supporting evidence.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Strategies To Meet The New VAT Payment Deadlines<\/h2>\n\n\n\n<p>January is a busy month for many businesses, as it&#8217;s when many businesses have to file their annual VAT returns. However, with the new VAT Penalties deadline fast approaching, it&#8217;s essential to be prepared. Below, we&#8217;ll outline some key strategies you can use to ensure that your returns are filed on time and in compliance with the new regulations.<\/p>\n\n\n\n<p>First and foremost, ensure that your accounting systems are up to date. Many businesses struggle to meet the Vat Penalties deadline because their accounting systems are outdated. Updating your systems will automate many of the tasks in filing your tax return. This will save you time and hassle and ensure your return is filed promptly. We recommend <a href=\"https:\/\/www.xero.com\/uk\/?type=partner&amp;pid=XBF6QK\" target=\"_blank\" rel=\"noreferrer noopener\">Xero<\/a> for MTD VAT submissions. Another critical area to focus on is identifying potential costs and areas of noncompliance. By scanning your business for any red flags or areas where tax may not be being paid correctly, you can ensure that all transactions are properly recorded and tracked for input tax purposes. This will help identify areas where corrective action may need to be taken.<\/p>\n\n\n\n<p>Finally, it&#8217;s important to implement training for finance teams regarding these changes. Making sure that everyone in your organization is aware of the new deadlines can help avoid any problems<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>Submit your VAT returns on time to avoid VAT penalties for late returns. Late submission penalties are based on a points system, with higher thresholds for quarterly and monthly submitters. If you have a reasonable excuse for submitting your return late, you may be able to appeal or request a review. If you take over a VAT-registered business or cease to be VAT registered, your penalty points will be affected.<\/p>\n\n\n\n<p>Don&#8217;t let late VAT returns result in costly penalties \u2013 stay on top of your accounting and submit your returns on time. If you need help managing your VAT or have questions about the penalty system, don&#8217;t hesitate to contact us. Our<a href=\"http:\/\/my-brains.co.uk\/jackross\/meet-the-team\/\"> team of experts<\/a> is ready to assist you and ensure that you stay compliant with all VAT regulations. <a href=\"http:\/\/my-brains.co.uk\/jackross\/contact-us\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contact us today<\/a> and let us help you avoid VAT penalties and keep your business running smoothly.<\/p>\n\n\n<div class='fluentform ff-default fluentform_wrapper_34  ff_guten_block ffs_default_wrap'><form data-form_id=\"34\" id=\"fluentform_34\" class=\"frm-fluent-form fluent_form_34 ff-el-form-top ff_form_instance_34_1 ff-form-loading ffs_default\" data-form_instance=\"ff_form_instance_34_1\" method=\"POST\" ><fieldset  style=\"border: none!important;margin: 0!important;padding: 0!important;background-color: transparent!important;box-shadow: none!important;outline: none!important; min-inline-size: 100%;\">\n                    <legend class=\"ff_screen_reader_title\" style=\"display: block; margin: 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These points can add up, resulting in fines of up to \u00a3200 for each subsequent late submission. It&#8217;s important to understand how the points system works and how to avoid these penalties. For example, businesses making quarterly returns have a higher threshold for penalty points compared to those making annual or monthly returns. It&#8217;s also important to note that changes to your business, such as switching to a different accounting period, can affect your penalty points. If you have questions or need help managing your VAT, contact us for expert assistance<\/p>\n","protected":false},"author":2,"featured_media":5450,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[354,6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>VAT Penalty points and VAT penalties if you submit your VAT Return late<\/title>\n<meta name=\"description\" content=\"From 1 January 2023, you\u2019ll get penalty points if you submit a VAT Return late (including nil payment returns). Find out how points work and how to avoid a \u00a3200 penalty. Secure your financial future and submit your late VAT return now to avoid hefty penalties coming into effect in 2023 - read our blog post to learn more!)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VAT Penalty points and VAT penalties if you submit your VAT Return late\" \/>\n<meta property=\"og:description\" content=\"From 1 January 2023, you\u2019ll get penalty points if you submit a VAT Return late (including nil payment returns). Find out how points work and how to avoid a \u00a3200 penalty. Secure your financial future and submit your late VAT return now to avoid hefty penalties coming into effect in 2023 - read our blog post to learn more!)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/\" \/>\n<meta property=\"og:site_name\" content=\"Manchester Chartered Accountants\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/jackrosstax\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-04T14:51:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-04T15:29:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/my-brains.co.uk\/jackross\/wp-content\/uploads\/2023\/01\/VAT-Returns-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Umar Memon\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Umar Memon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/\"},\"author\":{\"name\":\"Umar Memon\",\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#\/schema\/person\/890f768e5ff3e5664eda31546d21b6e8\"},\"headline\":\"New VAT Penalties\",\"datePublished\":\"2023-01-04T14:51:23+00:00\",\"dateModified\":\"2023-01-04T15:29:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/\"},\"wordCount\":1263,\"publisher\":{\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#organization\"},\"articleSection\":[\"HMRC\",\"VAT\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/\",\"url\":\"https:\/\/my-brains.co.uk\/jackross\/new-vat-penalties\/\",\"name\":\"VAT Penalty points and VAT penalties if you submit your VAT Return late\",\"isPartOf\":{\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#website\"},\"datePublished\":\"2023-01-04T14:51:23+00:00\",\"dateModified\":\"2023-01-04T15:29:14+00:00\",\"description\":\"From 1 January 2023, you\u2019ll get penalty points if you submit a VAT Return late (including nil payment returns). 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