VAT Initiative Campaign

HMRC has announced details of the VAT Initiative Campaign – Your guide to taking part. This is an initiative to crack down on individuals and businesses who are trading above the VAT registration threshold but who have not yet registered for VAT. The VAT Initiative gives businesses the opportunity to come forward and tell HMRC they should be registered if they have failed to notify the liability. Approaching HMRC under this Initiative gives an opportunity to reduce penalties. However, we would recommend that any late registration should be notified after discussion with CVC to ensure maximum penalty mitigation is achieved. Read more news at http://www.ukvatadvice.com/images/stories/newsletters/110707cvcnews.pdf