HMRC'S latest tax recovery campaigns
HMRC has launched the Electrician’s Tax Safe Plan and announced that the forthcoming E-marketplaces campaign will begin on 14 March 2012.
Electrician’s Tax Safe Plan
HMRC is now turning its attention to electricians in order to identify tax underpayments and allow individuals to come forward and disclose irregularities. HMRC’s definition of an electrician is anyone who installs, maintains and tests electrical systems, equipment and appliances under stringent safety regulations.
To take advantage of the Electricians Tax Safe Plan, individuals must:
1. Notify HMRC of their intention to take part in the campaign by 15 May 2012. This can be done online, by phone or by post.
2. Make the disclosure and pay any unpaid tax by 14 August 2012.
Interestingly, unlike previous campaigns, HMRC has so far not offered a fixed, reduced penalty as an incentive to disclose but has provided a ‘penalty calculator’ tool to enable taxpayers to calculate the level of penalty due themselves.
This campaign will commence on 14 March 2012 and will target those people who are trading online to sell goods and services as a trade or business but aren't paying the right amount of tax. HMRC has devised a list of eight questions which e-traders should answer to help identify if they are considered a trader under HMRC’s rules.
HMRC is clearly hoping these latest campaigns will emulate the success of previous activity such as the campaigns into Plumbers, Tutors & Coaches and Health Professionals. Following the closure of previous campaigns, HMRC used the full force of its powers to target individuals, resulting in over 2,000 civil investigations.
If you would like more information or would like to discuss your personal situation and how you may be affected by either of these campaigns, contact us today.