Current Affairs · Taxation Policy
Under the UK HMRC VAT points-based penalty system introduced recently, how long does a single penalty point for late submission take to expire (assuming compliance conditions are met), and which scheme directly helps reduce filing frequency to avoid late submissions?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1One year - Cash accounting
- 2Two years - Flat rate
- 3One year - Annual accounting✓
- 4Two years - Cash accounting
Correct answer
One year - Annual accounting
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