Changes are happening.... From April 2022, HMRC is phasing in a new regime for late tax payments They're starting with VAT and this will be followed a year later by some self-assessment tax bills. The new rules will be that if you pay your tax bill in full within 15 days after the date it was due, you won't be charged a penalty. If you pay later, an initial penalty equal to 2% of the tax owing will be added. After 30 days from the due date, a further penalty applies at 2% of the tax owing beyond day 15, plus another 2% of the tax owing as at day 30. So.... best pay on time! Details of further penalties are set out in HMRC's policy papers that were updated on 20 August 2021 and if you've got questions then we're happy to answer them. . . . #accountants #businesssupport #accountingservices #businessaccounting #uktax #selfemployment #smallbusinessadvice #ukaccountants #businessadviceuk #entrepreneur #smesupport #uktaxadvice