Farming News - Businesses have until 31 December to register for VAT, warns accountants James Cowper
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Businesses have until 31 December to register for VAT, warns accountants James Cowper
The taxman has reminded businesses trading above the VAT threshold that they have until 31 December to complete the VAT registration process.
Trades affected include construction, hair and beauty, hotels and catering, motor vehicle distribution and repair, agriculture and horticulture, and road haulage.
Ruth Corkin, VAT Manager at accountants and business advisers James Cowper explained: “Since the summer HMRC has been focusing on businesses with an annual turnover of more than £73,000 that have not registered for VAT. Under a special plan to put right their tax affairs those who had not registered were given the chance to participate by 30 September.”
Ruth added: “Since the opportunity ended, HMRC has been identifying companies and people who did not come forward. Those who did comply and told HMRC they intend to disclose now have until the end of December to register for VAT. They must then submit a VAT return and make arrangements to pay.”
James Cowper recommends that anybody considering whether they should register for VAT seeks advice from an accountant or tax adviser who will give specific professional advice appropriate to your circumstances.