Colin Laidlaw CTA AIIT
- VAT Tax Director - Technical Specialist
- +44 (0)330 124 1399
- Email Colin[email protected]
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Clients are reminded that a new penalty regime for late returns and payment was introduced on 1 January 2023 for returns starting on or after this date.
This replaces the old system which was thought by many to be harsh as the penalties bore no relation to the length of delay. This new system is a fairer system with penalties being based on the length of time a payment is late rather than a fixed penalty.
This is discussed in our article here.
Key points to note are:
We are seeing very slow responses from HMRC on most aspects of VAT systems and processes. In some cases HMRC have not responded to letters (emails) from us or clients for over a year (and worse).
There is often very little we can do to make HMRC act quicker so, if you are planning a change to your business and need to interact with HMRC, the earlier you can start the process, the better.
Please do talk to us to discuss the impact the HMRC delays may have on your business.
Land and buildings are normally exempt from VAT but for commercial property or land a taxpayer can choose to charge VAT by exercising what is known as the “Option to tax” (OTT). There have been some changes to how these are being dealt with by HMRC
This is discussed in our article here, but the key points are:
It is more important therefore that an option to tax has been validly exercised and submitted and professional advice should be sought in cases of doubt.
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