top of page

Penalty waiver for Making Tax Digital for VAT will be removed from November 2022

Farrell & Farrell

Penalty waiver for Making Tax Digital for VAT will be removed from November 2022


From 1 November 2022, businesses and agents will only be able to file VAT returns using MTD for VAT compatible software.


Businesses will no longer be able to use their existing VAT online account to file their quarterly or monthly VAT returns. However, businesses that file annual VAT returns will still be able to use their VAT online account until 15 May 2023.


HMRC have stressed that penalties will come into force from November 2022 for anyone who does not use the MTD for VAT. HMRC can charge a turnover related penalty from £100 up to £400 for filing a return which is not an electronic submission (i.e. a filing through the incorrect channel penalty).


If a business is already exempt from filing VAT returns online they are automatically exempt.


9 views0 comments

Recent Posts

See All

UK: BOE interest rate cut to 4.5%

The Bank of England has today confirmed that interest rates will be cut to 4.5%, from 4.75%. #FarrellAndFarrell #crossbordertaxadvisors...

Comments


FFLOGO.png
FFLOGO3.png
NEW CIOT LOGO copy.png

35 Main Street
Hilltown
Newry
County Down
BT34 5UJ

Tel:      028 4063 0876

Fax:     028 4063 2648

Email:  info@farrellca.com

  • Facebook - Black Circle
  • Twitter - Black Circle
  • LinkedIn - Black Circle

Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.

bottom of page