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HMRC

500,000 businesses filed VAT returns late last year, study shows

The penalty regime for the late filing and payment of VAT can result in fines up to 15% of the entire VAT bill. This penalty increases each time the VAT bill is paid late

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A total of 519,120 VAT returns were filed late by businesses last year, up 13% from 459,190 the previous year, leaving many SMEs exposed to interest and penalties on their outstanding bills, according to UHY Hacker Young

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