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Watling and Hirst Limited, Chartered Certified Accountants and Registered Auditors - Chichester, West Sussex > News > HMRC Launches VAT Amnesty Campaign

HMRC Launches VAT Amnesty Campaign

Posted on Monday, 06 June 2011 01:34PM by
Further to their recent amnesty for plumbers, HM Revenue & Customs has now announced a VAT amnesty for businesses currently trading above the VAT threshold without being registered.
The VAT crackdown is set to hit later this summer, so the amnesty gives these businesses time to put their affairs in order.
The amnesty is expected to run along the same lines as previous campaigns. Basically, the Revenue are saying that if anyone comes forward voluntarily and makes a full disclosure for VAT purposes they will not be unfairly penalised for doing so. According to a Revenue statement “they will be treated on the best possible terms”.
Currently the penalties and surcharges for failing to register for VAT are large and any business not correctly registered would face a huge bill, even after just one year. This amnesty therefore offers a very good opportunity to put your business affairs into order without incurring the normal penalties charged by HM Revenue & Customs.
If you believe that you may be currently trading above the VAT threshold (currently £73,000), without being registered, please contact us for a consultation and further advice on how to proceed with contacting HM Revenue & Customs so that any liabilities that your business may have are mitigated as far as possible.
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