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Mitchell Charlesworth is warning
that non-VAT registered businesses could face a HMRC investigation
following the end of an amnesty period for registration at the end
of last year.
Mitchell Charlesworth VAT manager Colin Corder has urged firms to
take immediate advice if they are unclear on their VAT
position.
He said all firms with a taxable turnover of more than £73,000
must register for VAT.
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He said: "HMRC is set to investigate 40,000 non-VAT registered
businesses which it believes should now be VAT registered, or
should have been in the past.
"Firms that have not registered but are found liable for VAT could
face penalties of up to 100% of the tax owed on top of the existing
sum owed and possible criminal prosecution."
If you are unclear about any aspects of your VAT requirements,
contact Colin Corder on tel: 0151
255 2300 or complete this quick enquiry
form.