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The penalty regime for VAT and income tax self assessment is to be revamped. These reforms will come into effect for:
- VAT taxpayers for periods starting on or after 1 April 2022;
- taxpayers in income tax self assessment with business or property income over £10 000 a year for accounting periods beginning on or after 6 April 2023; and
- all other taxpayers in income tax self assessment for accounting periods beginning on or after 6 April 2024.
Points for late returns will accrue separately for VAT and for income tax self assessment. A taxpayer will be liable to a fixed penalty of £200 when they reach the points threshold. Penalty points accrued will automatically expire after 24 months as long as the taxpayer remains below the threshold. After the limit has been reached all points will expire after the taxpayer has met their return obligations for a set...
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