Are You Submitting Your VAT on Time?
Are you up to date with submitting your VAT on time? Do you know that you have till the 7th of the month after your VAT return finishes to submit or you will receive a penalty? So, for example if your VAT returns finishes at the end November you have till the 7th of January to submit your return.
From the 1st of January 2023 HMRC are introducing a new point based MTD penalty system. Which means that each late submission deadline that is missed will accrue a single point. Then once a certain number of points have been received for late submission a fine will be given.
For example:
- If you are an annual submission and have accrued 2 points you will receive a fine.
- Quarterly Submissions will receive a fine if they receive 4 points.
- Monthly Submissions will receive a fine if they receive 5 points.
The Standard fine is an Automatic £200.00 penalty. However, be careful because every late submission after the initial fine will result in an additional penalty being added. If points are accrued over the 2 years but they don’t add up to a penalty they will expire, so make sure that you don’t accrue any points.
If you are needing help with submitting your VAT online, please contact Annabel on 07980 294816
or e-mail annabelhole@fcgagric.com
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