HMRC target businesses with outstanding VAT
HM Revenue and Customs (HMRC) are currently targeting businesses with outstanding VAT returns.
The number of businesses currently required to file monthly VAT returns stands at more than 600,000. However, HMRC believes that around 50,000 businesses still have VAT returns outstanding, meaning that their tax affairs will now come under greater scrutiny.
The VAT Outstanding Returns campaign, which was launched in January, is targeting businesses with one or more outstanding VAT returns who have not yet submitted them despite being told to do so.
By coming forward voluntarily, businesses might receive more favourable terms in relation to financial penalties than they would if HMRC contacted them first.
However, this latest disclosure drive focuses on the stick rather than the carrot – businesses have until 28 February to submit their outstanding returns and pay any tax due, or face having their tax affairs scrutinised more closely by HMRC. If you are in any doubt about your obligations you may wish to seek professional advice as a matter of priority.
For further information, please contact Alan Taylor at the office.
Author: Alan Taylor FCCA
A former pupil at Ripley St Thomas C of E High School, Lancaster, Alan joined Scott & Wilkinson direct from school in 1994 and qualified as an Accountant in 2001. As practice manager, Alan is responsible for the day-to-day...
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