HMRC delays new VAT penalty rules
The first step towards alignment of VAT and direct tax penalties was due to take place in just two months but yesterday the government announced a delay. What’s the full story?
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New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
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Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
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New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
HMRC’s original timetable for the harmonisation of its late filing penalty and late payment interest regimes across most direct and indirect taxes was due to start on 1 April 2022 with the scrapping of the VAT surcharge rules. Following the announcement by the Treasury on 13 January this has been put back by nine months until 1 January 2023.
When the new rules take effect late filing penalties will be charged using a points system. Points will be added to a taxpayer’s record for each late filing and penalties will escalate the more points are racked up. For late payments there will be varying charges according to how late each payment is.
HMRC’s updated guidance about the new penalty and interest rules can be viewed here and here.
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