Opportunity to bring your VAT backlog up-to-date
HM Revenue & Customs (HMRC) are running a campaign for businesses with outstanding VAT returns until 28 February 2013. It provides an opportunity to bring any outstanding VAT returns and VAT payments up to date.
This campaign is aimed at businesses that are already registered for VAT and have either outstanding VAT returns or outstanding VAT amounts due. To encourage compliance, HMRC will give the "best terms available" when calculating penalties and default surcharges if applicable.
To fall within the remit of the campaign, you need to submit outstanding or corrected VAT returns and make any payments due by 28 February 2013. HMRC have stated if your VAT returns are still outstanding by this date then your ‘tax affairs’ will receive closer attention from them. Please note the term ‘tax affairs’, this should to be interpreted in its widest scope, i.e. not restricted to just VAT.
There also helpful schemes for smaller business. The ACCA has produced Guides to these schemes and are freely available to members, they are provided in an easy to read format and can be reproduced to be given to your clients with space available to input your firm’s logo. There is guidance on:
- Annual Accounting
- Cash Accounting
- Flat Rate Scheme
A business should not forget to use the bad debt relief; the ability to reclaim the VAT back on VAT previously accounting is invaluable Click here for details.
For further details of HMRC’s VAT campaign please click here.