A reminder about HMRC’s VAT Initiative campaign which is focussed on individuals and businesses that are trading above the VAT registration threshold of £73,000, but who have not registered to pay VAT.
Those who have not yet registered but do come forward any time between now and 30 September will, in most scenarios, face a lowered penalty rate of 10 per cent on VAT that has been paid late if they make a full disclosure.
After that date, HMRC claims it will use data to investigate those that have failed to come forward, and that substantial penalties and potential criminal prosecution could follow.
Would you like a free hour consultation with Northcote? If you think you might be affected by this then please get in touch.