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HMRC have launched what they call a credit card sales campaign. This opportunity gives businesses that accept credit and debit card payments, but that have not declared all their UK tax liabilities, the opportunity to bring their tax affairs up to date on preferential terms.
There is no end date for this campaign. A business that wishes to take part should contact HMRC by completing the notification form or calling the credit card sales campaign helpline on 0300 123 9272.
HMRC have launched what they call a credit card sales campaign. This opportunity gives businesses that accept credit and debit card payments, but that have not declared all their UK tax liabilities, the opportunity to bring their tax affairs up to date on preferential terms.
There is no end date for this campaign. A business that wishes to take part should contact HMRC by completing the notification form or calling the credit card sales campaign helpline on 0300 123 9272.
It should then fill in the disclosure form and pay the tax owed within four months from the date HMRC acknowledge the business’s notification.
HMRC claim they have details of all credit and debit card payments to UK businesses and will use the information to identify individuals and firms that might have underpaid tax.
Taxpayers could face higher penalties or criminal prosecution if they fail to come forward voluntarily. Those who would like to disclose unpaid tax to HMRC but who are not eligible for this or the other current campaigns – second incomes and let property – can call the campaigns voluntary disclosure helpline on 0845 601 5041.
Dawn Register, partner, BDO tax dispute resolution said, “This is another example of HMRC using third party data which they can demand by law, and then using IT systems to analyse it for investigation purposes. It is likely that HMRC have obtained the data from credit card machine providers and are now using it to trace businesses that are evading taxes.
“The main targets in this campaign are likely to be shops, restaurants, seasonal traders and even online businesses that take telephone orders using this technology.
“The Revenue can look back 20 years if the issue is caused by what it calls ‘deliberate behaviour’. Businesses found to fall foul of this may struggle to rectify the situation due to a lack of records, leaving them with a tax bill that could bankrupt the business,” Register added.
