ACT NOW: Tax Amnesty for Electricians and eBay traders
On a regular basis HMRC will scrutinise the activities of various employment sectors and in the past has launched similar campaigns where it puts the trading activities of other self-employed people (like builders, plumbers, instructors and hairdressers) under the microscope.
There is currently an amnesty aimed at those trading as electricians: the Electricians' Tax Safe Plan. Self-employed electricians who have not declared their income are being invited to make a voluntary disclosure to HMRC. Self-employed electricians who have not declared income are being invited to make a voluntary disclosure to HMRC. The deadline for disclosure is 15 May 2012.
Running concurrently to the electricians' amnesty is one aimed at e-market traders. Months ago it was reported that HMRC was set to scrutinise websites like eBay where goods are bought and sold online. HMRC wouldn't confirm or deny this rumour, but whether it was true or not, HMRC has now set up the E-Markets Disclosure Facility for online traders to come forward if they have not previously been declaring their earnings.
Under this new initiative, e-traders have until 14 June to voluntarily come forward and register their desire to take advantage of this disclosure facility. If you come forward you will then have until 14th September to provide details of your affairs and pay what you owe.
We can help if you would like to take advantage of either of these disclosure opportunities. Please contact our Business Tax Director, John Caithness, who will be pleased to discuss further.