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Time is running out to take advantage of the newest so-called tax amnesty, HMRC will warn tradespeople.
The department is preparing to send out letters to plumbers, gas fitters, heating engineers and members of associated trades to remind them there is around a month remaining before the registration deadline of the plumbers’ tax safe plan (PTSP).
The initiative, which was launched at the beginning of March, will allow participants to make a voluntary disclosure of unpaid taxes from the past five years.
Individuals who sign up for the PTSP and then supply pertinent information no later than 31 August will incur a fine of no more than 20% of the money owed to the Revenue. In many cases, the sanction will be just 10%, according to the taxman.
The HMRC reminder will explain that workers within the targeted trades who choose not to take the disclosure opportunity will face a clampdown on failing to disclose taxable income, and substantial penalties or even criminal prosecution could follow.
The Revenue’s director of risk and intelligence, Mike Wells, said, ‘We are using a variety of intelligence sources to target plumbers who have not declared their full income, and I urge tradespeople in this group who think they owe tax on their income to get in touch… and get their tax affairs in order simply and on the best available terms.
‘We do not think everyone who receives a letter owes us tax. However, if you owe tax and don't get a letter, do not assume that HMRC will not catch up with you,’ added Mr Wells.
