VCP11131 - Definition of Regulatory Penalties: What are Regulatory Penalties

Regulatory penalties are a sanction against non-compliant traders who breach theregulatory requirements of VAT law.

»Ê¹ÚÌåÓýappy provide a response to a wide range of breaches including the way in which the tax should be
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  • accounted for and paid, and
  • assurance matters, such as requirements to produce records when asked for by an authorised officer of HMRC.

»Ê¹ÚÌåÓýapp penalties are covered by Section 69 and may be grouped into three types
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  • Section 69(1)(a) to (g), general regulatory penalties, see VCP11132.
  • Sections 69(2), the penalty for failing to preserve records, see VCP11133.
  • Section 69 (1)(d) and Section 69 (5)/(6) the penalty for late payment and/or late furnishing of VAT returns, see VCP11134.
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