Tag Archives: hmrc penalties

Why do you need to know the difference between VAT Error and Adjustment?

making a mistake in your VAT Return

  The word “adjustment” means alteration in the English Language whilst “error” means a mistake. The difference between the two is important because when it comes to your VAT Returns how you deal with a VAT error is different to how you can deal with a VAT Adjustment.   What qualifies as a VAT Adjustment? […]

Changes to VAT penalties – what you need to know

VAT penalties

The changes in the VAT penalty system which we have known about for a while comes into effect next month (January 2023). We are expecting more details this month from HM Revenue & Customs but here’s what we know so far relating to the changes to VAT penalties. The main reason for the introduction of […]

Benefits of submitting your Tax Return before the deadline

tax return

If you have been completing a Self-Assessment Tax Return for a while you know it is an annual ritual that has to be performed.  It needs to be done without fail no matter what.  There are some who prefer to submit the return early with plenty of time, whilst others leave it to the last […]