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Time is running out for sparkies to pay previously undisclosed tax. They have just eight more days to avoid being hit by severe penalties from HMRC.
Individuals registered with the department's electricians' tax safe plan (ETSP) must settle their bills, including interest, no later than 14 August to ensure they receive a fine of only 10% of the tax owed.
Under circumstances other than those of disclosure facilities such as the ETSP – which is aimed individuals who instalL, maintain and test electrical systems, equipment and appliances – the Revenue can levy penalties of up to 100%, with the possibility of criminal investigation.
Tax amnesties have so far have collected nearly £510m, according to HMRC, and more than £120m has been garnered from follow-up procedures including more than 18,000 completed investigations.
There are 23 criminal cases under way, while two plumbers have been jailed and another received a suspended prison sentence.
