Published on Wednesday, 15 June 2011 00:00
HMRC have announced the next stage of their crackdown on non compliance. This is to focus on individuals and businesses that are trading above the VAT threshold of £73,000 and have not as yet registered for VAT. It is anticipated that by offering a straightforward opportunity for businesses to correct the situation, with lower penalties for those who cooperate, HMRC will reduce the amount of unpaid tax.
HMRC are using new technologies to identify those who have not registered. For those businesses whose turnover is likely to exceed the current VAT threshold of £73,000 it is possible to register voluntarily in advance. For those who exceed the threshold there is a period of 30 days in which to register.
If your turnover has fallen below the threshold then it is possible to de-register, however the consequences of de-registration can be very significant.
If you have any queries regarding registration, de-registration or any other aspect of VAT then please call us on (01635) 884270 or email info@opusaccounting.co.uk
