Taxman offers rule breakers’ amnesty

University of Portsmouth group finance and business students, from left, back row Professor Diego Vazquez-Brust and head of the accounting and financial management subject group at the University of Portsmouth Andrew Wood. 'Front row, Louisa Burton, Faculty of Business and Law dean Professor Gioia Pescetto, Francesca Sharp, Amy Davidson

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VAT cheats have until the end of the month to come clean to HM Revenue & Customs.

HMRC is running a campaign focusing on those trading above the VAT registration threshold – a turnover of £73,000 – who have not registered.

If they come forward before September 30 they will only have to pay a 10 per cent penalty on the VAT paid late.

The payments don’t then have to be made until December 31.

To find out more, see hmrc.gov.uk/ris/vat/