VAT guide updated re interest on unpaid VAT

HMRC’s VAT guide has been updated (para. 27.8) re the new rules for unpaid VAT that apply for accounting periods beginning on or after 1 January 2023.

The amended wording reads as follows:

“27.8 Interest
In addition to penalties, you may also be charged interest on undeclared VAT or if you do not pay by the due date. This includes overclaims of amounts as input tax. New rules are explained in VAT penalties and interest guidance.

If HMRC finds that you have made misdeclarations you will be sent a Notice of Assessment, showing how much VAT you owe and the amount of interest due.”

https://www.gov.uk/guidance/vat-guide-notice-700?utm_medium=email&utm_campaign=govuk-notifications-topic&utm_source=0b1b62a2-79a7-4f1f-aec2-fe23ff4dfccb&utm_content=daily#financial-penalties-and-interest-charges

Related content from Claritax Books

Value Added Tax, written by Ciaran McGee MA (Oxon), FCA, CTA, is an extensive volume (over 1,000 pages), written primarily for non-VAT specialist accountants and tax advisers.