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07/09/2011
VAT Focus As Revenue Gets Tough
Builders who are also VAT rule-breakers have until 30 September to register to pay what they owe under an HM Revenue & Customs (HMRC) campaign.
The new campaign focuses on individuals and businesses trading above the VAT registration threshold - a turnover of £73,000 - but who have not registered.
As well as targeting the construction sector, business services, hair and beauty, hotels and catering, retail distribution, recreational services, motor vehicle distribution and repair, sanitary and domestic services, agriculture and horticulture, property and road haulage are all in focus in the campaign.
Under the terms of the VAT Initiative, those who have not registered to pay VAT can come forward any time up to 30 September to tell HMRC that they want to take part. If they make a full disclosure, most will face a low penalty rate of 10% on VAT that has been paid late.
After 30 September, using information pulled together from different sources, HMRC will investigate those who have failed to come forward. Substantial penalties and even criminal prosecution could follow.
Mike Wells, HMRC's Director of Risk and Intelligence, said: "Most people do register for, and pay, the correct amount of VAT. This isn't about honest taxpayers, who have nothing to fear from any of our campaigns.
"But we are committed to ensuring tax is paid so that the maximum is available for public services used by everyone.
"I therefore urge people who have not registered their businesses for VAT to get in touch with HMRC and get their tax affairs in order simply, and on the best terms available," he said.
Those coming forward are invited to also disclose any other tax arrears. Where they have to pay a penalty on undeclared tax other than VAT, this will be lower than the customary penalty of up to 100% charged to those who fall outside the opportunity.
(BMcC/GK)
The new campaign focuses on individuals and businesses trading above the VAT registration threshold - a turnover of £73,000 - but who have not registered.
As well as targeting the construction sector, business services, hair and beauty, hotels and catering, retail distribution, recreational services, motor vehicle distribution and repair, sanitary and domestic services, agriculture and horticulture, property and road haulage are all in focus in the campaign.
Under the terms of the VAT Initiative, those who have not registered to pay VAT can come forward any time up to 30 September to tell HMRC that they want to take part. If they make a full disclosure, most will face a low penalty rate of 10% on VAT that has been paid late.
After 30 September, using information pulled together from different sources, HMRC will investigate those who have failed to come forward. Substantial penalties and even criminal prosecution could follow.
Mike Wells, HMRC's Director of Risk and Intelligence, said: "Most people do register for, and pay, the correct amount of VAT. This isn't about honest taxpayers, who have nothing to fear from any of our campaigns.
"But we are committed to ensuring tax is paid so that the maximum is available for public services used by everyone.
"I therefore urge people who have not registered their businesses for VAT to get in touch with HMRC and get their tax affairs in order simply, and on the best terms available," he said.
Those coming forward are invited to also disclose any other tax arrears. Where they have to pay a penalty on undeclared tax other than VAT, this will be lower than the customary penalty of up to 100% charged to those who fall outside the opportunity.
(BMcC/GK)
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16 December 2010
Forum Urges Smaller Firms 'Prepare For VAT Rise'
A business support organisation is warning firms that the January VAT rise could leave them with a new year headache if they fail to prepare properly. All VAT registered traders will be affected by the increase, which will see VAT rise from its current 17.5% rate to 20% at midnight on January 4.
Forum Urges Smaller Firms 'Prepare For VAT Rise'
A business support organisation is warning firms that the January VAT rise could leave them with a new year headache if they fail to prepare properly. All VAT registered traders will be affected by the increase, which will see VAT rise from its current 17.5% rate to 20% at midnight on January 4.
03 June 2003
Tribunal rules against high street tax avoidance scheme
The independent VAT Tribunal today ruled in Customs favour to stop large, high street retailers operating a "major VAT avoidance scheme" and gaining an "unfair competitive advantage" over their smaller competitors. HM Customs and Excise said today that many major retailers have been trying to cut the amount of VAT they pay.
Tribunal rules against high street tax avoidance scheme
The independent VAT Tribunal today ruled in Customs favour to stop large, high street retailers operating a "major VAT avoidance scheme" and gaining an "unfair competitive advantage" over their smaller competitors. HM Customs and Excise said today that many major retailers have been trying to cut the amount of VAT they pay.
11 November 2011
Former Policeman Jailed For Record VAT Fraud
A former policeman from South Yorkshire has been jailed for over 10 years for an attempted £330 million VAT fraud - the largest of its kind in the UK. The scam was led by Nigel Cranswick, 47, from Dinnington in South Yorkshire, who HM Revenue & Customs (HMRC) say went from "rags to riches in a matter of weeks".
Former Policeman Jailed For Record VAT Fraud
A former policeman from South Yorkshire has been jailed for over 10 years for an attempted £330 million VAT fraud - the largest of its kind in the UK. The scam was led by Nigel Cranswick, 47, from Dinnington in South Yorkshire, who HM Revenue & Customs (HMRC) say went from "rags to riches in a matter of weeks".
15 December 2010
Arrests In Disability Car Scam Probe
Two men, one in his mid 30s from Warwickshire and the other in his early 20s from Greater Manchester, have been arrested on suspicion of abusing a VAT Scheme that allows individuals to use their disability status to purchase vehicles VAT free. It is suspected that over £450,000 of VAT has been stolen through abuse of the motor vehicle scheme.
Arrests In Disability Car Scam Probe
Two men, one in his mid 30s from Warwickshire and the other in his early 20s from Greater Manchester, have been arrested on suspicion of abusing a VAT Scheme that allows individuals to use their disability status to purchase vehicles VAT free. It is suspected that over £450,000 of VAT has been stolen through abuse of the motor vehicle scheme.
10 December 2010
Further Fraudster Sentenced In £17million VAT Fraud
The sixth member of an organised crime gang was sentenced today for his part in a plot to steal £17m of taxpayer’s money in a complicated ‘missing trader’ VAT fraud. Five men were jailed last Friday for 15 years. A further ten defendants have been charged and are due to stand trial next year.
Further Fraudster Sentenced In £17million VAT Fraud
The sixth member of an organised crime gang was sentenced today for his part in a plot to steal £17m of taxpayer’s money in a complicated ‘missing trader’ VAT fraud. Five men were jailed last Friday for 15 years. A further ten defendants have been charged and are due to stand trial next year.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
