HMRC targeting late VAT returns
HMRC have announced a new campaign which follows on from the Autumn statement where we learnt that the UK’s debt controls are not going to plan. HMRC will target late VAT returns in an effort to enforce compliance and collect late revenue. The usual penalties and surcharges apply, but they are offering more lenient treatment for voluntary disclosures.
Why you should act now?
HMRC will be targeting businesses that have been identified as not having made a VAT Return by the due dates. They will compare information from various sources and will target those who should have sent in a return but have failed to do so. HMRC may carry out checks into your tax affairs or use legal powers to get detailed information about your finances.
If you are found to owe VAT you may face higher penalties than if you come forward voluntarily. You may even face a criminal investigation. When a return is not received, HMRC will estimate what you owe, and so you might pay more than is actually due.
Date: 10th January, 2013
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