A fairer system fewer draconian penalties for minor offences less time wasted at tribunals arguing about what is classed as a reasonable excuse and bigger penalties for persistent rather than occasional offenders. Heady days.
The above summary is not an over-exaggerated extract from a party political broadcast about crime – lots of promises and pleasing words – but my view of the new penalty system for late VAT payments that will take effect for VAT periods beginning on or after 1 January 2023. Get ready for the big day I think it will be welcome for us all.
Case study
To illustrate how the new system will dramatically move the goalposts let me introduce readers to One Day Dave and One Quarter Quinten. They are both registered for VAT and their quarterly return payment is always £50 000. Unfortunately they are always...
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