HMRC has launched a new amnesty campaign targeting businesses trading above the VAT threshold without being registered. This follows previous facilities targeting those with offshore assets, medical professionals, plumbers and associated tradespeople.
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.
It states that most disclosures will qualify for a 10% penalty, instead of the normal penalty up to 100% of the tax, as well as the likelihood of the disclosure being accepted without undergoing any follow up queries.
A deadline for registration has been set at 30 September 2011.
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