Fenland accountancy firm issue warning as HMRC announce crackdown on VAT rule-breakers
FENLAND accountancy firm Moore Thompson has warned that HM Revenue and Customs (HMRC) is to crack down on individuals and businesses breaking VAT laws.
The chartered accountantacy firm, which has an office in Wisbech, warned that HMRC is to target those who are trading above the VAT threshold but have not registered for VAT.
HMRC will hold discussions with interested parties before launching the campaign this summer. The VAT threshold is currently �73,000 turnover on a rolling annual basis.
Announcing the initiative on May 20, Mike Wells, HMRC’s director of risk and intelligence, said: “Our aim is to get as much input as possible into our future campaigns so that the views and experience of people and organisations outside the department play a fuller part in what we design for customers.”
Mark Hildred, Managing Partner from Moore Thompson, said: “Previous HMRC campaigns have targeted offshore investments, medical professionals and people working in the plumbing industry.
“The department says its campaigns focus on areas where it has identified significant underpayment and that they provide straightforward opportunities for customers to put their records in order on the best possible terms, followed by swift action targeting those who choose not to take up those opportunities”.
HMRC says it has raised over �500million from voluntary disclosures and a further �100million so far from follow-up activity.
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Meanwhile, the first of a series of new HMRC task forces to tackle tax dodgers will focus on the restaurant trade, targeting businesses in London over the coming weeks.
The specialist teams will carry out concentrated compliance activity in specific high risk trade sectors and locations across the UK. The restaurant trade in Scotland and the North West will be the next areas targeted.