VAT Crackdown on Non-Registered Traders

HMRC has launched a new campaign targeting businesses trading above the VAT threshold without being registered and those who it may affect have until later this summer to get their affairs in order.
Those who come forward voluntarily can expect lesser fines to be imposed than on those who fail to come forward.
According to a recent HMRC statement the department provides “simple, straightforward opportunities for customers to put their records in order on the best possible terms, followed immediately by activity focused on the non-compliant who choose not to take up the opportunity.”
HMRC is encouraging anyone who has unpaid tax to come forward and make a voluntary disclosure - the current VAT threshold is £73,000 turnover on a rolling annual basis.

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