| If your business has a turnover of taxable supplies of £73,000 or more per year you should be VAT registered. If you are not, you could be targeted by HMRC's latest campaign, which will be launched later in the summer. In line with previous campaigns for other taxes it is anticipated that HMRC will give unregistered businesses a few months to come forward and benefit from lower penalties. Any unregistered businesses that do not come forward at this time will then be identified by HMRC using new technologies and information powers and any businesses that are incorrectly unregistered will then face higher penalties of up to 100% of the unpaid VAT.
If you do need to disclose any VAT irregularities to HMRC, the way you make your disclosure can affect how quickly matters can be resolved and how much VAT and penalties you pay.
If you are concerned about the VAT position of your business speak to Adam Lloyd or Julian Millinchamp on 01242 237661.
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