Under the Customs & Excise ‘one-off’ amnesty scheme businesses trading above the VAT threshold but not currently registered for VAT can register without incurring a penalty for belated notification, until September 30.
A business that notifies its liability to be VAT registered will not incur a penalty provided the arrears of tax are paid in full and all returns, with payment, are provided for a full twelve months.
Stephen Camm, tax investigation partner, PricewaterhouseCoopers, said: ‘With only a few weeks remaining, businesses should act now to ensure they qualify in time. In addition, they should also notify the Inland Revenue of their existence.’
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