UK is continuing its concentrated efforts to solve the issue of tax evasion. In this regard, UK is launching a new campaign focusing on those trading above the current value-added tax threshold, but who have not registered themselves for the tax.
During the 2011/12 financial year, the annual turnover threshold above which VAT must be paid and registration is mandatory recently rose from GBP70,000 to GBP73,000. September 30 was given the deadline for registration and to inform HMRC that they wish to take part in the scheme. Under the initiative, if a full disclosure is made, a penalty rate of 10% will be charged on any VAT that has been paid late. The emphasis is given to make the procedure simple enough for the people to come forward and join the scheme.
