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In January, HMRC introduced new VAT penalties that will apply if a VAT registered business files a VAT return late or pays their VAT late.  At the same times changes were made to the way VAT interest works for late payments and when HMRC repays money to a VAT business.

During this session, Rebecca Stewart and Matty Rogers give an overview of the new penalties and interest, and will provide you with the knowledge to help you support and prepare your VAT clients for these changes.  When will the penalties and interest will begin to apply?   Which VAT customer groups could be most affected by these changes?

During this course the following areas are examined:

• What is Penalty Reform, and when will it begin to apply to VAT businesses?
• What are Late Submission Penalties, how do they work, who will be most affected by these new penalties, and how can points be removed?
• What are Late Payment Penalties, how do they work, and is there a way to minimise the penalties if full payment cannot be made on time?
• What is Late Payment Interest and when does it apply?
• What is Repayment Interest, and in what circumstances will it be applied?