Rafail Hyseni

Cottons officially turns 40 years old!

We are thrilled to announce that Cottons is marking a major milestone: four decades of providing reliable accountancy services. Since our establishment in 1983, we have been dedicated to delivering personalised solutions and staying committed to our clients’ success. Over the years, we have grown alongside our clients, adapting to changing financial landscapes and technological advancements.

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New VAT penalty regime

On 1 January 2023, a new late payment and points-based penalty regime was introduced which replaces the VAT default surcharge. The new penalty system applies to accounting periods which start on or after 1 January 2023.

There are separate penalties for late submission of VAT returns and late payment of VAT. The way in which late payment interest is calculated has also changed.

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