New HMRC Penalty System

HMRC has now revealed details of a penalties system for late submissions and payments under Making Tax Digital, (MTD) confirming it plans to pursue a points-based model. From April 2019 all compulsorily VAT registered businesses must submit their VAT returns through software under the HMRC’s MTD plans. Earlier this year HMRC ran a consultation on three potential penalties models: points-based, regular review of compliance and suspension of penalties. In its report HMRC stated that a large majority of respondents favoured the points-based model due to its comparative simplicity. Under the model, customers would receive a point every time they fail to submit on time. A penalty will be charged


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