Will I be fined if I fail to meet Making Tax Digital requirements?
Will I be fined if I fail to meet MTD requirements?
There will be a points-based penalty system introduced from January 2023 for those who fail to comply with MTD and do not hold an exemption.
This system will impact anyone who fails to submit their MTD VAT returns on time or fails to pay on time.
Until January 2023, the current surcharge and penalty system will remain in place where you may enter a 12-month ‘surcharge period’ if your return is filed late. This could lead to interest and penalties being issued by HMRC. More details can be found on the gov.uk website.
These videos are intended as a general guide only. Please consider what is best for your business. If you require further information specific to your business needs, please speak to your professional advisor/s