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What happens if you don't register your business in the UK?

14 Jul 2022 By PAYCEC

You risk a failure to notify penalty that may cost you up to 100% of the tax owed in addition to having to pay that tax if you don't register your business with Her Majesty's Revenue and Customs (HMRC). So register for taxes as soon as you start trading, and make sure to file your returns on time.

Federal Penalties:

According to Bureau of Internal Revenue ( BIR) regulations, there is a fine of not less than P5,000 and not more than P20,000 as well as a maximum prison sentence of two years for "failure to register," or operating an unregistered firm.

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