Changes to HMRC penalties for late VAT return submission

In January 2023 HMRC will be introducing a new penalty system for late submissions of VAT Returns. The rules will apply to anyone submitting a VAT Return for accounting periods that begin on or after 01 January 2023. And the new rules will apply even if you are submitting a NIL VAT return (that’s a VAT Return with 0.00 figures in boxes 1-9).