Following on from the success of the Plumbers Tax Safe Plan (PTSP) earlier this year, HMRC have announced that they will now be targeting electricians in a similar scheme.
The Tax Safe Plans give businesses and individuals the chance to get their tax affairs up to date and in order, and give HMRC the chance to reclaim any unpaid tax without opening enquiries.
As at 24th October 2011, HMRC had received almost £2,000,000 via the PTSP with more tax expected to be paid, so this is proving to be a fruitful campaign.
The Plumbers Tax Safe Plan ended a few months ago, and now electricians are next on HMRC’s target list.
For those that do take part in the schemes, they will benefit from reduced penalties and will be looked upon much more favourably by HMRC – which is definitely a good thing!
Although the thought of paying historic taxes may be unappealing for some, if you do have any unpaid tax you should take advantage of the schemes immediately – now that the Plumbers’ scheme has closed, HMRC have continued to target those in the plumbing trade who did not choose to come forward, and opened enquiries into their affairs. They have even made a number of arrests.
If HMRC find any unpaid tax, not only will this tax have to be paid, but interest may be charged, as well as penalties being issued – HMRC have the powers to issue penalties of up to 100% of their lost revenue if they find the errors and you haven’t disclosed them first.
It’s not only those working in trades that are being targeted by HMRC; in the past they have ran a similar scheme for those in the medical profession, and currently there is a focus on tutors and coaches. They have also announced that e-traders and restaurants will be targeted.
Don’t wait for HMRC to approach you! If you think the Electricians Tax Safe Plan could help you, or you are an e-trader that may not be paying the correct taxes, contact Axel on 01565 755255 or email us at blog@axel.co.uk.
