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    • 30
    May

    UK – Increase in VAT Late Payment Penalties


    As outlined in the Spring Statement 2025, the Finance Act 2021 (Increase in Schedule 26 Penalty Percentages) Regulations 2025 have been enacted to raise late payment penalties for VAT payers (and for income tax self-assessment taxpayers as they transition to Making Tax Digital). Under the new rules, penalties will increase to 3% (up from 2%) of the unpaid tax after 15 days of delay, an additional 3% (up from 2%) after 30 days, and 10% annually (up from 4%) for amounts overdue by 31 days or more. These changes will take effect on 31 May 2025.

     

    For more information, please get in touch with our team of experts on:

     

    contact@essentiaglobalservices.com 😊

     

    Team Essentia.


    Essentia Global Services – European / International / Global vat tax compliance consultants and management agents.
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    We are specialists in global indirect tax management. We help businesses to manage their worldwide compliance with respect to VAT/GST and similar taxes, effectively and economically. Essentia Global Services – European / International / Global vat tax compliance consultants and management agents. Essentia also provides VAT Training Courses and an EU VAT Number Lookup Platform. VAT Global Management & International VAT Registration.