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New Crack Down Initiative by HMRC on Businesses and Individuals Breaking VAT Rules!
HM Revenue and Customs has announced that it will be undertaking an initiative later this summer to identify businesses who are trading over the VAT threshold, or who have done so in the past, and who are not registered for VAT.
David Pegg, VAT Partner at Thomas Westcott, said " It is well known that H M Revenue and Customs is losing a substantial amount of revenue from businesses operating within the "black economy". In particular, with the standard rate of VAT now being at an all time high, there is a temptation for businesses to try and disaggregate their activities to remain below the VAT threshold, particularly those businesses whose own customers cannot recover any VAT charged."
David added: "The penalty regime for non-registration is severe and I would recommend that any business which is trading above the VAT threshold, or has done so in the past, and is not VAT registered now takes professional advice on the steps it should take to mitigate their position".
For advice and information contact David Pegg, Thomas Westcott's VAT Partner and Specialist Consultant on 01392 288 555 or by email at david.pegg@thomaswestcott.co.uk.
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