HMRC seeks missing VAT


HMRC seeks missing VAT

HM Revenue & Customs have launched an initiative to crack down on individuals and businesses who are trading above the VAT threshold (presently £71000) but who have not yet registered for VAT.

The initiative is being discussed with interested parties to ensure HMRC has as much information from them as possible before launching the campaign later in the summer.

Each HMRC campaign in recent years has been aimed at reducing the tax gap by focusing on areas where a significant underpayment has been identified. Opportunities have been offered to taxpayers to put their records in order followed immediately by activity focused on the non-compliant who choose not to take up the opportunity. HMRC has raised over £500m from voluntary disclosures and a further £100m so far from follow-up activity.

This was first published in June 2011

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