Taxpayers still have until the end of February 2013 to bring their affairs up to date following HMRC’s announcement of their Outstanding Returns campaign earlier this month. HMRC have asked that all businesses that have outstanding VAT returns take this opportunity to file VAT returns, and pay any outstanding tax. It should be noted that the campaign is not an amnesty in terms of potential penalties and interest that may apply.
HMRC say in their VAT guidance that if all filings are brought up to date before 28th February, then taxpayers will be offered “the best possible terms” and that if returns are still outstanding after 28th February, HMRC will be paying closer attention to the tax affairs of the those with outstanding returns.
The comments made appear to support the view that there is a toughening of HMRC’s position against taxpayers who are not keeping their VAT compliance up to date.
If you or your clients have any returns that are outstanding and would like to discuss how best to deal with bringing filings up to date please contact us 01962 735 350.
