Pictured above: Tony Jackson
Individuals and businesses trading above the VAT threshold but
who have not yet registered for VAT need to take professional
advice before a new HMRC initiative comes into force, a director at
BTG Tax has warned.
Tony Jackson, a director of VAT Services at BTG Tax, the largest
independent firm of tax specialists in the UK, warned that the
latest HMRC initiative to be announced will target individuals and
businesses identified by HMRC's risk and intelligence service as
being above the threshold but not VAT registered.
The campaign follows other successful initiatives from HMRC
targeting offshore investments, medical professionals and those
working in the plumbing industry and is part of an ongoing
crackdown on unpaid tax by HMRC.
Tony explained that a range of individuals and businesses could
be affected by the campaign:
"Anyone who is operating above the registration threshold but
not registered for VAT will be on HMRC's radar," he said.
"HMRC has released very little detailed information about the
proposed crackdown but the scheme is believed to be imminent and
may only provide a limited window of opportunity for individuals
and businesses to put their records in order.
"Anyone who believes they may be identified as part of this
initiative should seek professional advice. With the right tax
advice it should be possible to minimise any liabilities due."
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