Key dates for UK VAT
The familiarisation period for the new late payment penalties ended on 1 January 2024. To avoid late payment penalties, businesses must have paid or set up Time To Pay arrangements for VAT within 15 days of the payment due date (rather than the 30 days allowed in 2023).
30 April 2024: Deadline for selling any eligible GB-sourced motor vehicles that held in Northern Ireland pre-1 May 2023 under second-hand margin scheme. Any sold after this date cannot be sold under the margin scheme so full VAT will be due. .
1 May 2024: VAT Fuel Scale Charge rates for cars updated for VAT return periods beginning on or after 1 May.
Routine deadlines
These will vary depending on your VAT return period and whether you do quarterly, monthly or annual returns. For example, if your business is on calendar quarters March / June / September / December, due dates for VAT return periods would be:
- VAT returns and associated payments are made by 7 May / 7 August / 7 October / 7 February respectively
- Annual adjustments (if a partly exempt trader) are made on either the March or June returns (so 7 May or 7 August)
30 April 2024: Deadline for selling any eligible GB-sourced motor vehicles that held in Northern Ireland pre-1 May 2023 under second-hand margin scheme. Any sold after this date cannot be sold under the margin scheme so full VAT will be due. .
1 May 2024: VAT Fuel Scale Charge rates for cars updated for VAT return periods beginning on or after 1 May.
Customs duty and customs reporting
There will also be a number of changes coming in for customs duty and customs reporting purposes for movements of goods from Mainland UK to Northern Ireland. The Windsor Framework – further detail and publications gives more information about these changes.