In this episode of AdminMin, we have all the important statutory deadlines for you, taking you through to the festive period so you can get everything resolved and enjoy your Christmas time off. Going into the new year, we also discuss a new piece of legislation coming in from HMRC to do with VAT and penalties.
First and foremost, we cover penalties. You now have a little bit more grace in terms of the payment period, so a 2% penalty will only kick in with effect from the 15th day of the VAT due date. If you make payment somewhere between the 7th and the 15th, you won’t pick up a penalty, but from that point on, you’ll pick up a 2% penalty. Going into day 31, you’ll be picking up an extra 2%, so it’ll kick in from 4% penalties at that point in time.
The interest is slightly different, however. You will start to accrue interest with immediate effect, and that’s going to be at a daily rate of 2.5% above base rate.
It wouldn’t be Christmas time without reminding you that the self-assessment deadline is the 31st of January. We did have an extra month’s grace last year, meaning that we didn’t pick up any penalties if it was filed by the 28th of February, but that’s no longer with us next year. So, if you don’t file your tax return by the end of January, expect a penalty from HMRC.
Finally, in November, HMRC or the government published a list of business revaluations that are going to come into effect from April 2023. It’s well worth having a look at that link we’ve provided, making sure that your rateable value hasn’t changed. If it has changed, you’ve got between now and April to put in a counterclaim against that and change the rateable value. This also serves as a useful exercise for you to work out what your rate charge is going to be from April 2020 through 2023 and allow you to budget accordingly.
That’s it for this episode of AdminMin, and all that’s left for us to do is wish you a very Merry Christmas, and we’ll see you in the new year!
About Ascentis TV
Ascentis TV is our update show that gives business leaders updates and insights on various growth-related topics such as taxation, financial management, people management and much more. The show features our amazing experts from Ascentis who have many years of experience in helping businesses grow successfully and helping individuals achieve their personal vision of success.
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