HMRC will target businesses with outstanding VAT returns as part of their latest campaign.
The campaign is aimed at business that have one or more VAT return outstanding and as many as 50,000 businesses are expected to be chased by HMRC.
These businesses will be given the opportunity to complete any outstanding VAT returns by 28 February 2013. After this, HMRC will target those remaining and are set to take a much closer look at their tax affairs.
Individuals can take part in the campaign by:
Completing and paying any outstanding VAT returns immediately
Telling HMRC if they have stopped trading or have changed their business details.
We would recommend that businesses owners should voluntarily come forward in this campaign. By doing so businesses are likely to receive better terms, as any penalty issued to them may be significantly reduced than if HMRC were to come to them first.
For more information contact Group Tax Compliance Manager PAUL BRIDES on 0161 703 2500 or e-mail paul.brides@championgroup.co.uk
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