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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:

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