VAT Outstanding Returns Campaign
HMRC has announced that it is beginning a campaign to encourage businesses that have outstanding VAT returns to submit them. The announcement, on says:
“To take advantage of the best possible terms you must complete and submit your returns by 28 February 2013. If your VAT Returns are still outstanding after 28 February, your tax affairs will receive closer attention from HM Revenue & Customs.”
HMRC go on to say in a section headed ‘Why you should act now’:
“HMRC will be targeting businesses that have been identified as not having made a VAT Return by the due dates. They will compare information from various sources and will target those who should have sent in a return but have failed to do so. HMRC may carry out checks into your tax affairs or use legal powers to get detailed information about your finances.”
If you are found to owe VAT you may face higher penalties than if you come forward voluntarily. You may even face a criminal investigation. When a return is not received, HMRC will estimate what you owe, and so you might pay more than is actually due.
If your business has any outstanding returns there is only a small window of opportunity to get them completed and submitted to HMRC. Chiks can assist with all VAT compliance issues, including the completion of VAT returns and assisting with the submission of time to pay proposals.