17 January 2013
Press ReleasesBusinesses across the South East that have failed to submit VAT returns are being targeted by HM Revenue and Customs (HMRC) this month with warnings that their tax affairs will be closely scrutinised.
The VAT Outstanding Return campaign is aimed at businesses that have one or more VAT return outstanding, and have been told to submit their returns but have not done so. Some will have received an assessment of VAT for these periods. Businesses that have not submitted their outstanding VAT returns and paid what they owe have until 28 February to bring their affairs into order.
Head of VAT Services, Ruth Corkin, from accountants and business advisers James Cowper Kreston advised: “HM Revenue and Customs has stated that if taxpayers complete all outstanding returns and make the relevant payments by 28 February 2013, they will be looked upon favourably for penalties. It is a short timeframe to do this in and HMRC would like taxpayers to contact them if they wish to be able to submit and pay by 28 February but would need some more time to do so.”
Recent publicity has stressed that after that HMRC will use its legal powers to pursue outstanding returns and any VAT that is unpaid. Penalties, or even criminal investigation, could follow. For details about the campaign visit HMRC’s website: www.hmrc.gov.uk/campaigns/vator.htm
Ruth Corkin, Head of VAT Services, James Cowper Kreston LLP, Tel +44 (0)1865 861166 or email
