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HMRC VAT Crackdown – The Latest News
The next wave of HMRC’s crackdown on VAT non-compliance will be focused on individuals and businesses who are trading above the VAT threshold and are as yet not VAT-registered. It is forecast that by offering straight forward opportunities for taxpayers to re-align their records, with lower penalties for those who co-operate voluntarily, HMRC will be able to reduce the tax gap.
Previous campaigns have been focused on offshore investments, medical professionals and plumbers. HMRC are using new technologies to identify those who have not yet come forward with voluntary disclosures, which have so far yielded £500m, with a further £100m being recovered through follow-up investigations.
The threshold for turnover has risen to £73,000 this year, a £3000 increase on last year.
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