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Not registered for VAT – this affects you - VAT registration amnesty ends
HMRC has announced that following the initiative to persuade businesses that should have registered for VAT to do so by 31st December 2011 and avoid penalties, they will now start investigating non-registered businesses. Last time this happened was about 13 years ago and the main targets were construction, catering and retail businesses that had regularly placed adverts in Yellow Pages and Thompsons Directories for several years but had never registered for VAT. When you are so close to the day-to-day running of your business, it isn’t always easy to track the rolling 12 months turnover level to see if VAT registration is necessary. If you need help monitoring this, please let us know and we can help you set up a checking system. Did you receive a letter from HMRC last year, suggesting you should be registered? If so, you will be checked if you haven’t registered.
HMRC’s apology.
A Government committee has criticised HMRC for failing its customers with long delays of up to three months in answering letters and not answering all telephone calls. Also calls that are answered are not always being dealt with correctly. It has been hardest for older people and those with no Internet access to sort out their queries. HMRC has apologised and promised to try harder.
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VAT Updates
If you receive a letter from HMRC headed “VAT Initiative Campaign” please contact us IMMEDIATELY. This is serious. The implication is that HMRC holds information that leads them to believe you have exceeded the VAT registration threshold but have failed to register. So far we have seen one of these letters sent to a sole trader who has moved in to a limited company. The letter says if you are sure your position is correct, do nothing, but we are waiting to see the follow-up.
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There has always been a £100 penalty if your Self Assessment Tax Return was late, but if the amount of tax was under £100 it was restricted to the amount due. From April 2011 this has changed to the following much harsher regime. PLEASE TAKE NOTE and let us have your records early.
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As we warned, these penalties are now being sent out for the 2010/11 returns. If any of your payments cleared HMRC’s bank account even one day late, they will be subject to a penalty of 4%. We have tried to appeal as although warnings had been given, they were not detailed and were withheld until after the end of year P35’s were submitted. Remember if you pay on line or by cheque, your payment must clear HMRC’s bank account on the working day prior to the 19th of the month.
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