Should you be paying VAT?
H M Revenue & Customs have announced the details of their latest “amnesty;” this time the amnesty is aimed at people who have not registered for VAT, even though their VATable turnover is in excess of the annual turnover limit – currently £73,000.
The terms of the amnesty mean that if you voluntarily register with H M Revenue & Customs for VAT, then you will face reduced penalties of 10% of the VAT due. Not taking advantage of this scheme may lead to penalties of up to 100% of any VAT unpaid.
Whilst we at robinson+co are sure that our clients are fully compliant, this news - only a couple of weeks after 5 plumbers were arrested for tax evasion, and a deal with Swiss banks was announced - is another reminder that HMRC are leaving no stone unturned in their fight against non-compliant tax payers.
To take advantage of the scheme you must contact Roger Troughton, or the partner you normally deal with, by 23 September, for a private, confidential chat. Roger can be contacted on 01900 603623 or rogertroughton@robinsonco.co.uk.
Although the “amnesty” specifically targets VAT we would strongly recommend you to contact Victoria Bishop, or the partner you normally deal with, if there is anything at all about your tax affairs which has not been disclosed to H M Revenue & Customs, as penalties for non declaration are severe.
Victoria can be contacted on 01900 603623 or victoriabishop@robinsonco.co.uk.
