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Another time-limited disclosure initiative has been launched by HMRC. The latest tax amnesty is aimed at direct sellers, who are invited to bring their affairs up to date while facing a penalty of no more than 10% of the amount owed.
For the purposes of the facility, the Revenue describes direct selling as retailing to customers without the need for shop premises – which might involve demonstrating a product in a home, either at a party or from going door to door.
Direct sellers – often referred to as agents, distributors, consultants or representatives – take commission on sales they make.
To take part in the disclosure initiative, taxpayers must inform HMRC about any amount due and make arrangements to pay tax, interest and penalties by 28 February 2013.
Those who do not come forward but are found to have unpaid liabilities run the risk of penalties of up to 100% and criminal investigation.
Nearly £510m has so far been raised by the taxman's time-limited amnesties, and a further £120m has been gleaned from follow-up activity.
Previous campaigns targeted offshore investments, medical professionals, plumbers, VAT defaulters, coaches and tutors, electricians and online traders.
