A tax expert is urging firms that are trading above the VAT threshold but have yet to register with the authorities to take advantage of the one-off amnesty being offered by Customs and Excise before it expires on September 30 this year.
Stephen Camm, a tax investigations partner at PricewaterhouseCoopers advises businesses that are either unregistered for VAT purposes or are operating in the black economy that this is an opportune time to put their VAT affairs in order without the threat of fines or other sanctions being imposed.
Under the terms of the amnesty, firms will be excused punishments provided any arrears of tax are paid, and all returns with payments are made on time for a twelve month period thereafter.
"With only a few weeks remaining, businesses should act now to ensure they qualify in time," urged Mr Camm. "In addition, they should also notify the Inland Revenue of their existence," he added.
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