H M Revenue and Customs are giving business with outstanding VAT returns until 28th February 2013 to get their affairs in order before they start to target these businesses and take a closer look at their affairs. The Outstanding VAT Return campaign is aimed at any business that has one or more outstanding returns, HMRC have said as many as 50,000 businesses that have failed to file their returns will be targeted this month.
Businesses that file their returns and pay the oustanding VAT voluntarily before 28th February may receive lower penalties than where HMRC comes to them to request payment. After this date HMRC will pursue outstanding returns and payment using legal powers and penalties or even criminal investigations could follow.
If you have outstanding VAT Returns please file them now, if you need our assistance do not delay, please contact us as soon as possible.