
News – 16.04.25
Buzzacott advises Karnell Group AB (publ) on the acquisition of Warwick SASCo Ltd
Find out how Buzzacott advises Karnell Group AB (publ) on the acquisition of Warwick SASCo Ltd … Read more
Insight – 25.04.25
Probate valuation considerations for non-quoted shareholdings
Find out more about probate valuation considerations for non-quoted shareholdings … Read more
Upcoming event – 08.05.25
A practical guide to navigating charity investments
Join our expert-led webinar to gain key insights into how charities can develop and maintain a strong investment approach that aligns with their mission and objectives. … Read more
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A new points based penalty system is to be introduced to reflect the increased obligations under MTD and to make the penalty system fairer, so that taxpayers who make the occasional slip-up receive more leniency than those who consistently miss the deadline.
Points will be awarded for missing deadlines and penalties applied once certain thresholds have been reached, but points will time expire if deadlines are then met for set periods.
The penalty reform will apply to Self-Assessment and VAT and will come into effect as follows:
Tax payment penalties are also to be changed, with fixed penalties when tax is 15 days (2%) and 30 days (4%). From day 31, daily penalties will also accrue at a rate of 4% per annum.
A new points based penalty system is to be introduced to reflect the increased obligations under MTD and to make the penalty system fairer, so that taxpayers who make the occasional slip-up receive more leniency than those who consistently miss the deadline.
Points will be awarded for missing deadlines and penalties applied once certain thresholds have been reached, but points will time expire if deadlines are then met for set periods.
The penalty reform will apply to Self-Assessment and VAT and will come into effect as follows:
Tax payment penalties are also to be changed, with fixed penalties when tax is 15 days (2%) and 30 days (4%). From day 31, daily penalties will also accrue at a rate of 4% per annum.
If you have an enquiry about how the Budget affects you, your business or charity, complete the form below and one of our experts will be in touch with you.
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