A&C Chartered Accountants would like to draw to your attention the latest campaign that HM Revenue and Customs (HMRC) are undertaking to target small buisnesses that are trading over the VAT registraition threshold and who are not yet VAT registered. The VAT Initiative campaign is an opportunity for businesses to tell HMRC that they should be registered for VAT and take advantage of a reduced penalty. HMRC are in the process of contacting over 40,000 businesses who they suspect fall into this category.
We would like to adviise you that you must register for VAT if any of the following applies:
- your VAT taxable turnover for the previous 12 months is more than £73,000
- you think your VAT taxable turnover will exceed £73,000 in the next 30 days
- you exceeded £73,000 at an earlier point in time and have not registered for VAT
- you take over a VAT-registered business as a going concern
Important dates to note:
- 30 September 2011 – the last day to tell HMRC that you want to take part in the VAT Initiative
- 31 December 2011 – the deadline for returning your VAT registration form
A&C Chartered Accountants are extensivley experienced in this area. Please contact us for further information