Blog

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.

2023 Spring Budget breakdown

Exciting news! Today, Jeremy Hunt delivered the 2023 Spring Budget announcement, revealing some important measures to support the country's economic recovery. The government has abolished the “Lifetime Pension Allowance” and increased the pension annual allowance to...

w

Ready to connect?

If you’re curious about how we can help you, please reach out: our team is very keen to hear from you.

Xero Platinum partner logo
ICAEW logo
ACCA logo
Quickbooks logo