Around 50,000 businesses that have failed to submit monthly VAT returns are set to receive warning letters this month from HMRC.
The warning will be sent to those businesses identified as having one or more VAT return outstanding and who have already been asked to submit them to HMRC and have failed to do so. Some of these businesses may also have received an assessment of VAT for these periods.
Businesses are being given the opportunity to get their assessments up to date and pay any tax they owe by 28 February 2013 to take advantage of better terms and lower penalties.
However HMRC has warned that, after this deadline, it will be paying greater attention to the tax affairs of these businesses.
Around 600,000 businesses in the UK must submit monthly VAT returns in the UK.
We can help you complete and pay any outstanding VAT returns; contact us to find out more.