Posted: 06 December 2011
Issue: Vol 168, Issue 4333
Categories: Update, News, Admin, VAT Admin, Investigations, VAT

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Participants have until 31 Dec to complete registration

Businesses that came forward under HMRC’s initiative designed to fight VAT evasion have until 31 December to complete the registration process.

The chance to participate in the scheme, launched in July, and be guaranteed the conditions contained in the plan ended on 30 September, since when the Revenue has been working to identify firms that did sign up. They have been threatened by the taxman with high penalties and criminal prosecution.

The VAT initiative focused on businesses trading above the tax's registration threshold (£73,000 for 2011/12) but which had registered to pay VAT.

Those who decided to take advantage of the disclosure opportunity are likely to face a low penalty rate of 10% on the tax that has been paid late, and are invited to disclose other tax arrears.

Firms that need to register for VAT but did not come enter the disclosure window can come forward now by calling 0845 600 5217: the penalty incurred will be lower than if the Revenue later contacts the business.

 

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