WHAT ARE THE BENEFITS OF SETTLING WITH HMRC NOW?

摘要

HMRC is encouraging people to settle any unpaid VAT for the past; it also wants to ensure that going forward, businesses continue to be compliant, file their returns and pay any VAT due on time. But there are also a number of benefits to be gained from registering for the VAT initiative. If HMRC investigates a business, the maximum penalty payable can be up to 100% of the VAT due. However, under the initiative, the penalty is only 10% of the VAT due. With good advice, in some cases, there may be no penalty to pay.