VAT registration date looms large
PricewaterhouseCoopers has urged businesses to act now to register for VAT to avoid incurring penalties.
PricewaterhouseCoopers has urged businesses to act now to register for VAT to avoid incurring penalties.
Link: Hidden threat in VAT amnesty
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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