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- Outstanding VAT Returns will mean HMRC will look at all tax affairs more closely

Published by Guy Baragwanath in Latest VAT News · 10/1/2013 12:21:29
Tags: VAToutstandingreturnVAT

HMRC are launching a new VAT Outstanding Return campaign from March 2013.

If VAT registered businesses do not have all their VAT affairs up to date by 28 th February 2013, all their tax affairs will be looked at very closely by HMRC (not just VAT).

The campaign is aimed at businesses that have one or more VAT returns outstanding and have been told to submit their returns but have not done so.
All money that is due to HMRC regarding VAT needs to be paid before the campaign starts, otherwise these businesses will also be subject to the campaign, even if the VAT returns have been submitted on time.

The time up to 28 th February will give businesses with late VAT returns and late payment of VAT the opportunity to get up to date and pay the tax owed. After this date, HMRC will target these businesses and take a much closer look at their tax affairs.

HMRC have legal powers to be able to pursue outstanding VAT returns and any VAT that is unpaid as well as the ability to charge penalties, interest and potentially even follow criminal prosecution in extreme cases.

If you have submitted your VAT returns on time but are struggling to pay the VAT due to HMRC, please contact HMRC’s Business Payment Support Service.   If you already have an arrangement with HMRC to pay your VAT, ensure that you stick to the arrangement.

If you are having difficulty in getting your VAT returns submitted on time, we provide bookkeeping services at very competitive rates. See our bookkeeping services page for more information.

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