HMRC are taking a tough stance on VAT registered businesses in their latest campaign aimed at businesses that have one or more VAT returns outstanding. Such businesses are being encouraged to voluntarily submit any outstanding VAT returns by 28 February 2013 in return for favourable payment conditions.
Those businesses which don’t take advantage of the 28 February deadline run the risk that HMRC will pay greater attention to their tax affairs and leave themselves open to potentially greater penalties.
Andrew Stephenson, VAT specialist at Pierce recommends that businesses take advantage of the VAT outstanding returns campaign.
“I recommend that you complete and submit any outstanding returns and pay the amount owed by 28th February 2013. Returns that are outstanding after this date may well draw extra attention from HMRC. Those businesses that no longer need to submit any returns and are thinking of de-registering, maybe through seeing a fall in revenue, should contact HMRC as soon as possible”.
For further information visit www.hrmc.co.uk