If you are concerned that your business income may have exceeded the VAT threshold of £73,000 in the last 12 months, this initiative may allay your fears about late registration.

Remember that not registering for VAT when you become liable to do so is an offence.

HMRC have said that (as long as you did not know you should have been registered) the penalty for late registration will be limited to 10% of the VAT due to HMRC from the date you should have been registered.

Please note that this initiative cannot be applied for online, but must be submitted by a paper application.

If you require any assistance in this area please contact Ian Cooke at Ledbury or Nikki Walding at Pershore.