Over 500,000 businesses file their VAT returns late !!
New figures reveal that more than half a million VAT returns were filed late by British businesses last year - up 13% on the previous year. HMRC has offered a more flexible approach for businesses, allowing them to defer VAT payments during COVID-19, but there is no blanket exemption for all businesses. HMRC instead determines what qualifies as a “reasonable excuse” for late filing and payment.