Government to target 'VAT cheats'

Date: 23rd May 2011

Small businesses operating in the UK could be tempted to seek the advice of a specialist accountancy service following a recent government announcement.

HM Revenue & Customs (HMRC) has revealed that it is to launch a new initiative to target those breaking VAT rules.

This could encourage a number of small businesses to ensure their bookkeeping is up to date and all their affairs are in order.

The campaign will launch later this summer and will focus on firms trading above the VAT threshold that have yet to register for VAT.

Mike Wells, HMRC's director of risk and intelligence, explained that HMRC will contact a number of businesses in order to obtain as much information as possible before launching the project.

"Our aim is to get as much input as possible into our future campaigns so that the views and experience of people and organisations outside the department play a fuller part in what we design for customers," he commented.

“;We are already in contact with a number of interested parties and I expect many more to contact us with their views before we finalise the design of the VAT initiative."

Posted by Thomas Fletcher