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And now the taxman is targetting Vat Cheats 0
The latest initiative by HMRC has been unveiled with the prime target of closing the tax gap. This initiative is focusing on companies, individuals and partnerships which have not registered for vat despite trading above the current £73000 per annum threshold.
The announcement of this campaign follows quickly on the heels of the introduction of a taskforce targetting tax evasion in the restaurant trade and the trialling of a single compliance procedure.
This latest initiative is due to be implemented in the summer following completion of consultation between HMRC and interested parties.
It is believed that HMRC will issue low penalties to those who voluntarily register but will follow up with detailed investigations for those who do not.
The advice for anyone who is unsure or hasnt registered when they should have is to look at the rules for registration and put your house in order now. If you require help then please do not hesitate to contact us.
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