IRRV Alert - week ending 20th August 2021
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Penalties for late payment and interest harmonisation (20 August 2021)
Policy paper
Penalties for late payment and interest harmonisation
Find out about the new late payment penalties and interest charges.
- From:
- HM Revenue & Customs
- Published
- 3 March 2021
- Last updated
- 20 August 2021 — See all updates
Documents
Penalties for late payment and interest harmonisation
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Details
The reforms come into effect:
- for VAT taxpayers from periods starting on or after 1 April 2022
- for taxpayers in Income Tax Self Assessment (ITSA), from accounting periods beginning on or after 6 April 2023 for taxpayers with business or property income over £10,000 per year (that is, taxpayers who are required to submit digital quarterly updates through Making Tax Digital for ITSA)
- for all other ITSA taxpayers, from accounting periods beginning on or after 6 April 2024.
Relevant information and guidance about the changes will be made available in a less technical form for taxpayers and those who represent them before their introduction.
For more information, read:
- the interest harmonisation and penalties for late payment and late submission tax information and impact note
- research on exploring communication needs of customers for the implementation of changes to Late Payment and Late Submission Penalties
Published 3 March 2021
Last updated 20 August 2021 + show all updates