Deadline is one week away for Electricians
14th August is the deadline for electricians that intend on paying their outstanding tax liabilities. The Electricians tax safe plan was launched in February this year and was the second campaign targeting trades people, the first been aimed at plumbers and heating engineers.
Should electricians pay any tax and interest they owe by the deadline, they can receive penalties of only 10 per cent. Normally, penalties of up to 100 per cent of tax owed can be charged, with some examples ending in criminal investigation.
Marian Wilson, head of HMRC Campaigns, said:
“Electricians who think they owe tax should get in touch today and get their tax affairs in order, easily and on the best terms.
“If you cannot afford to pay what you owe all at once, don’t worry. Depending on your circumstances, you may be able to spread the payments.
“Once the disclosure opportunity closes on 14 August, electricians who have not come forward but are found to have unpaid tax liabilities will face higher penalties, rising to 100 per cent of the tax evaded or, possibly, even criminal prosecution.”
Nearly £510 million has been collected from people coming forward as a result of the HMRC campaigns, with more than £120 million been collected from HMRC follow-ups. There has been over 18,000 completed investigations, with 23 criminal cases under way; two plumbers have been jailed; another has received a suspended sentence.
If you would like more advice in this area, please contact one of our tax managers either Ian Frost on 0121 711 2468 or Sarah Grandison on 02476 518 555.