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HMRC updates guidance on MTD penalties

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HMRC has updated its guidance Penalties for late submission to reflect the new implementation dates for MTD for income tax self-assessment. The new points-based penalties regime will apply in relation to VAT returns from 1 April 2022, and from 6 April 2024 for those businesses which are mandated for MTD for income tax from that date. HMRC’s guidance explains how the new penalties regime is expected to work in practice, including how points will be applied for missed submission deadlines.

HMRC has also published the latest edition of its Making tax digital update for agents for September 2021. Although the update helpfully covers recent changes to the agent services account including the new client information functionality for agents (covering client VAT payments and payment dates), the MTD for income tax sections appear not to have been updated to reflect the April 2024 start date.

Issue: 1548
Categories: News