Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

Chancellor George Osborne delivers his last budget before the General Election

Read more...

Tax planning for 5 April 2015

Read more...

HM Revenue and Customs (HMRC) enjoyed an "unduly cosy" relationship with major companies. 21/12/11

Read more...

Are you aware of Disincorporation Relief?

Read more...

How and when the Chancellor can take from your bank account

Read more...


Call us now on 023 8083 6900 ABDS Home

Tax Tip

Tell HMRC by 30 September and get on track with your VAT. 02/09/11

Not registering for VAT when you have exceeded the threshold is an offence and, in addition to the VAT due, there may be penalty charges. If you tell HMRC voluntarily under the VAT Initiative before 30 September you will incur a lower penalty than if HMRC have to enforce your registration. In some cases, there will be no penalty charge at all. You may also be able to spread the length of time over which you have to pay HMRC rather than paying in one lump sum.

Once your business is VAT registered, you can usually reclaim any VAT that you pay when purchasing goods, supplies or services for use in the business. Being VAT registered may also raise the credibility and status of your business with potential customers.

Stuart Coleman, Manager of the Tax Department of ABDS says:

“You can also tell HMRC now if you do not need to register for VAT but would like to put your other tax affairs in order or if you are already registered for VAT and have made an error on an earlier VAT Return.”


If you need any help and advice with your Tax compliance, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning and business advice.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

« Back to Tax Tips