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Jo Nockels ACCA MAAT - TaxAssist AccountantsJo Nockels is the Training and Communications Manager for TaxAssist Accountants who has been a practicing accountant and is a member of ACCA and AAT.

Jo is part of the team of experts that supports 220 TaxAssist Accountants offices across the UK. TaxAssist Accountants was set up 16 years ago to help small business owners and self employed individuals with their accounts and tax returns. We currently service over 40,000 small businesses and are the largest network of accountants in the UK.

Jo currently contributes to Startups.co.uk, Unbiased.co.uk, Inspiresme and The Huffington Post.

Send us your question: If you would like to have a tax question answered here, please send your question to taxquestions@taxassist.co.uk. We can't guarantee to respond to every question individually, but we will publish as many answers as we can here on the blog.

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« Tax credits renewal | Main | Van or Car? »
Saturday
Dec242011

Late VAT Registration

DateSaturday, December 24, 2011 at 12:00PM

Late VAT RegistrationI didn’t realise I should’ve registered for VAT earlier in the year until recently when I was preparing my accounts. I read about a ‘VAT amnesty’ recently- does this apply to me?

Aidan, Ascot 

 

In July 2011, HM Revenue & Customs launched the VAT Initiative, which was for individuals and businesses that were trading above the VAT registration thresholds but had failed to register. Under the Initiative, traders would face reduced penalties if they came forward.

Sadly, traders wishing to make use of the Initiative should have notified HM Revenue & Customs by 30 September.

Having said that, HM Revenue & Customs encourage traders to come forward and declare any under paid tax, as they will be charged lower penalties than if HM Revenue & Customs catches them first.

If you would like some assistance with VAT registration and the preparation of your VAT returns, please feel free to contact your local TaxAssist Accountant.

We provide tax accountancy services in Ascot and throughout the UK. http://www.taxassist.co.uk

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