VAT-registered taxpayers who are behind in submitting their returns and payments are being offered a time-limited opportunity to put their affairs in order.
Businesses have until 28 February 2013 to submit their VAT returns and pay outstanding VAT. Those who do not make use of the opportunity will be targeted by HM Revenue and Customs who will “take a much closer look at their tax affairs”.
VAT registered businesses wanting to take part in the campaign can do so by completing and paying outstanding VAT returns immediately, or by telling the taxman that they have stopped trading or have changed their business details.
There have been several campaigns recently such as those aimed at plumbers and offshore investments where HMRC have offered taxpayers an incentive to get their affairs in order prior to a specified date. In this case, the only incentive seems to be that from March 2013 onwards they will be cracking down hard on those who have outstanding VAT returns. There has been a noticeable increase in the aggressiveness of HMRC’s attitude over recent months and this campaign is totally in line with that.
We would recommend that anyone who is in arrears with their VAT Returns takes this opportunity to get their affairs up to date, and any taxpayer who doesn’t can have no excuse when HMRC come knocking on the door.
Our dedicated VAT Team are here to help anyone with VAT concerns and can be contacted on the usual number 0845 177 5500, or email your local Burgis & Bullock contact or online