6 South West Building & Construction
April 2011 NEWS
Amnesty before action on tax
PLUMBERS, gas fitters and heating engineers are being targeted by HM Revenue & Customs (HMRC), marking the start of a campaign looking into tradespeople. Peplows accountants are
warning that HMRC has obtained information from a
number of sources including the Gas Safe Register, advertising directories and Health & Safety prosecutions to develop a database to help it identify people in the trade who, it believes, are under- declaring their income. HMRC are offering an
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amnesty before taking action as Paul Guest, partner at Peplows explains: ‘There is an opportunity to declare untaxed income and receive lower penalties before the enquiries start but anyone wishing to take advantage of this facility needs to act soon.’ Under the terms of the Plumbers’ Tax Safe Plan (PTSP), initial notifications of an intention to make a disclosure need to be made by May 31, 2011, with full disclosure by August 31, 2011. These disclosures will qualify for a lower penalty
rate, up to a maximum of 20 per cent. After August 31, HMRC has stated its intention to launch enquiries into those it believes should have made a disclosure but have failed to do so. The penalty will then increase to up to 100 per cent with the possible threat of prosecution.
Contacting HMRC can be quite daunting and Paul advises: ‘If you have untaxed income to declare, it would be wise to take specialist advice on disclosures before using this facility.’
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