VAT Registration Amnesty Comes To An End

Earlier this year, HM Revenue & Customs (HMRC ) announced an amnesty to all unregistered business concerns trading above the VAT registration threshold (i.e. turnover of £73,000) that if they came forward and voluntary gave full disclosure before 30th September 2011 they would receive a low penalty rate of 10% on any late VAT payments.

Those that ignored this amnesty could face substantial penalties and maybe even prosecution.

HMRC have re-iterated this warning. The HMRC Director of Risk and Intelligence stated: “This isn’t about honest taxpayers, who have nothing to fear from any of our campaigns. But we are committed to ensuring tax is paid so that the maximum is available for public services used by everyone. I therefore urge people who have not registered their businesses for VAT to get in touch with HMRC and get their tax affairs in order simply, and on the best terms available.”

To take advantage of the VAT initiative the following steps must be taken;
a. Notify HMRC by 30th September of the intention to make a voluntary VAT disclosure;
b Register for VAT formally with HMRC by completing necessary registration form; and
c. pay any VAT/penalties due by December 31st.

__________________
Chartered Accountants In Essex
Picture Framers In Essex

Thanks for the update, HMRC are hardening their approach again. They,ve been quite supportive to small business over the last couple of years.