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UK VAT Amensty Scheme to end by Sept 30
By TII News Service
Sep 09, 2011 , London |
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THE HM Revenue Amensty Scheme introduced for VAT
laws violators will come to an end by September 30, 2011.
The new campaign focuses on individuals and businesses trading above the
VAT registration threshold – a turnover of GBP 73,000 – but who
have not registered. Target sectors include: construction, business services,
hair and beauty, hotels and catering, retail distribution, recreational services,
motor vehicle distribution and repair, sanitary and domestic services, agriculture
and horticulture, property and road haulage.
Under the terms of the VAT Initiative, those who have not registered to pay
VAT can come forward any time up to September 30 to tell HMRC that they want
to pay taxes. If they make a full disclosure, a low penalty of 10% will be
levied.
After September 30, using information pulled together from different sources,
HMRC will investigate those who have failed to come forward. Substantial penalties
and even criminal prosecution could follow.
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