Businesses that have been trading above the VAT registration threshold without registering for VAT are to be given the opportunity to make a voluntary disclosure to HMRC and minimise their VAT liability for the past. HMRC has indicated that they will offer businesses that come forward "the best possible terms". The details of the amnesty are to be published later this summer.
Why should people come forward now?
HMRC believe that a large number of businesses are avoiding registering for VAT and intends to target these businesses once the amnesty finishes. Businesses that remain unregistered after the amnesty period will face a full investigation of their business affairs and will be subject to substantial penalties and interest in addition to the tax due.
How Can Gabelle's Tax Investigation Experts Help?
Here at Gabelle we specialise in tax investigations and are skilled negotiators with a proven track record of achieving the "best possible terms" for your client's business. Our streamlined processes for making voluntary disclosures to HMRC often result in reduced or capped penalties and interest together with reduced professional costs. Time to pay outstanding tax may also be achievable in some cases.
For further information contact John Hood, Vaughn Chown or your usual Gabelle contact.