New VAT penalty regime starts from 1 January
Default surcharge to be replaced by a fixed rate, points based system.
Default surcharge to be replaced by a fixed rate, points based system.
The package of over 30 reforms will “cut red tape” and “turbocharge growth”.
Both individual taxpayers and agents will be affected.
UK businesses are currently owed £23.4bn in outstanding invoices.
Small firms’ survival depends on Government support.