Draft legislation: The Penalties for Failure to Pay Tax (Assessments) Regulations 2024 - joint LITRG and CIOT response
Penalties for late payment of tax are being reformed. The new rules have applied to taxpayers in respect of VAT obligations since 1 January 2023 and to taxpayers voluntarily in scope of Making Tax Digital for Income Tax Self Assessment since 6 April 2024. LITRG and the CIOT have commented on th...