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VAT deferral penalty reminder

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HMRC has updated its guidance VAT deferred due to coronavirus (covid-19) to reflect the penalty for VAT that was deferred from 2020 and not paid in full by 30 June 2021 (or where an arrangement to pay was not made by that deadline). The 5% penalty is calculated on the amount of the unpaid deferred VAT and becomes due for payment within 30 days of the penalty assessment.

Issue: 1542
Categories: News