Yes, I’m afraid so. You will be charged a Failure to Notify penalty. This penalty is a percentage of the VAT liability from the date you should have registered to the date when HM Revenue & Customs (HMRC) received your registration documents.
These percentages can range from 0% to 100% of the backdated VAT liability, depending on the whether you came forward or HMRC discovered you should have been VAT registered and if you were conscious that you should have been registered earlier.
Your local TaxAssist Accountant would be happy to assist you with getting your VAT affairs in order.
By Jo Nockels
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