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In January 2023, HMRC are changing VAT late submission and late payment penalties and introducing new interest rules for VAT.  

During this session we will explain the new changes while walking you through different scenarios, providing you with the knowledge to support and prepare your VAT clients for the changes.

In this session Lisa Sibbick & Rebecca Stewart will cover the following:

• Why we are introducing these new VAT penalties and interest rules.
• An overview of Late Submission Penalties and how penalties will be applied if returns are submitted late.
• An overview of Late Payment Penalties and how these can be minimised if full payment cannot be made on time.
• What Late Payment Interest is and how will this be applied.
• What Repayment Interest is and the circumstances when this will apply.

By attending this session, you will gain an understanding of the new penalties and interest rules to be introduced for VAT from January 2023.  This will support your work with your VAT clients by enabling you to advise them on how the penalties will be applied, what they can do to avoid them and what actions they need to take if they do receive a penalty.