The Government is reforming sanctions for late submission and late payment to make them fairer and more consistent across taxes. The changes will initially apply to VAT and Income Tax Self-Assessment (ITSA). The changes will apply to VAT customers for accounting periods from 1 April 2022, to ITSA customers with business or property income over £10,000 per year (as part of Making Tax Digital) from 6 April 2023.
More information can be found on the Government’s website here.