Are you trading above the VAT threshold?…Don’t!
HMRC has announced a new campaign to crack down on tax fraud, with the focus this time on VAT
It is targeting businesses trading above the VAT threshold of £73,000 who haven’t yet registered for VAT.
There is a time limit of September 30th to come forward and make a disclosure without facing a full investigation, severe penalties and even prosecution. Instead there will be a penalty of only 10% on any VAT that is paid late.
Lewis Smith & Co. keep its clients in the picture regarding their tax status, but if you aren’t sure if you have reached the turnover threshold or you are worried about talking to the HMRC about your tax position then we can help.
Simply give us a call on 01384 235549 or email email@example.com to arrange a meeting today.
Lewis Smith & Co. – Specialist taxation services for West Midlands businesses