In July 2011, HM Revenue & Customs launched the VAT Initiative, which was for individuals and businesses that were trading above the VAT registration thresholds but had failed to register. Under the Initiative, traders would face reduced penalties if they came forward.
Sadly, traders wishing to make use of the Initiative should have notified HM Revenue & Customs by 30 September.
Having said that, HM Revenue & Customs encourage traders to come forward and declare any under paid tax, as they will be charged lower penalties than if HM Revenue & Customs catches them first.
If you would like some assistance with VAT registration and the preparation of your VAT returns, please feel free to contact your local TaxAssist Accountant.
By Jo Nockels
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