HMRC’s crackdown on VAT fraudsters has begun with the issue of thousands of letters to inform businesses how to register to pay the tax they owe.
The Revenue announced in May that it would be launching a campaign focused on traders who are not registered for VAT in spite of earnings in excess of the £73,000 threshold.
More than 40,000 letters will be posted by the taxman over the coming weeks. Under the terms of the initiative, those who have not registered for VAT will be able to approach HMRC any time up to 30 September to say they wish take part.
In most cases, a full disclosure will result in a penalty rate of no more than 10% of the money owed.
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