The majority of UK businesses surveyed believe the old value-added tax late payment penalty system to be fairer, UK tax authority research showed Thursday.
Only about one-third of businesses favored the new late penalty fines that were introduced from January 2023 as part of the VAT penalty reforms, according to research conducted by His Majesty’s Revenue and Customs.
HMRC introduced a points-based penalty for late return submissions and escalating fines for late payments, which kicked in from the first due date for around 2.4 million VAT registered businesses. Under the previous default surcharge system, HMRC would first issue ...