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Following on from the HM Revenue & Customs (HMRC) investigation into the plumbing trade, HMRC have announced an initiative to crack down on VAT rule breakers. The new campaign will focus on businesses who are trading above the VAT threshold but who have not yet registered for VAT. The VAT threshold is currently £73,000 turnover on a rolling annual basis.
Each HMRC campaign is aimed at reducing the tax gap by focusing on areas where a significant underpayment has been identified, and they have raised over £500m from voluntary disclosures and a further £100m so far from follow-up activity.
Other previous campaigns have targeted offshore investments and medical professionals. For each, HMRC has used new technology and legislation to gather and analyse data, from internal and external sources, to identify people who should come forward. This has provided thousands more investigations, now being worked through, including a number of criminal investigations.
For additional help with your VAT registration and returns contact Haxton Chartered Accountants West London.

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