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Problems on late VAT returns

Businesses that have failed to submit VAT returns will be targeted by HMRC this month with warnings that their overall tax affairs will be closely scrutinised.

The campaign is aimed at businesses that have one or more VAT returns outstanding, and have already been told to submit their returns but have failed to do so. 

These businesses are being given an opportunity to get up to date and pay the tax they owe by 28 February.  After that date HMRC will take a much closer look at their tax affairs.  By coming forward voluntarily they may receive better terms, as any penalty they pay could well be lower than if HMRC comes to them first.

Further details are available from HMRC.

 

 

Date: 11th February, 2013
Author: Cathy Corns

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