HMRC have announced that the Electricians Tax Safe Plan (ETSP) will start in February 2012…
HM Revenue and Customs are offering Electricians the chance to come forward and declare their unpaid taxes through a new tax amnesty called the Electricians Tax Safe Plan (ETSP), which will come into play in February 2012.
HMRC are launching the ETSP in a bid to bring in revenues from tax evasion and tax avoidance in the electrician trade.
The Tax Safe Plan disclosure opportunity will allow electricians who may have evaded or avoided tax to inform the Revenue of this and avoid the potential severities of an enquiry
Those in the trade who chose not to take part in HMRC’s electricians’ tax amnesty will be face with a higher chance of a tax investigation into their affairs which could ultimately lead to a criminal tax prosecution.
Those eligible to take part in HMRC’s Electricians Tax Safe Plan (ETSP) include electricians, electrical fitters and associated tradesmen that may have received income through tax evasion or tax avoidance measures which they have not declared to HMRC.
A full disclosure of unpaid taxes can be submitted to the Revenue only if those wishing to take part are not yet under suspicion by HMRC.
The deadline for taking part in the Electricians Tax Safe Plan disclosure opportunity is yet to be announced until the tax amnesty comes into play in February 2012.
Once a deadline has been those intending to take part in the electricians’ tax amnesty then you must inform HMRC prior to this date.
Normally HMRC will give those wishing to take part up to three months after the deadline to submit a voluntary disclosure of any undeclared tax and to pay the outstanding balance plus interest and any tax penalties accrued.
If you would like take part in the Electricians Tax Safe Plan in February 2012 you should make sure that your voluntary disclosure report is completed and submitted by a specialist. This will ensure you receive the best possible deal and the lowest tax penalties from HMRC.
Those choosing to take part in HMRC’s Electricians Tax Safe Plan (ETSP) will be issued with a lower tax penalty of between 10% – 20%, rather than a maximum HMRC tax penalty of 100%.
If HMRC deem any of the submitted ETSP disclosures to be missing any information they may carry out a targeted tax investigation. This is why it is important that you employ a tax investigations specialist to carry out your voluntary disclosure report for you.
By doing so you could avoid a lengthy look into you affairs and it means that you do not have to have any contact with HMRC, as specialist will do this for you.
The Revenue have also said that they will be launching tax investigations into the tax affairs of those in the trade who have failed to come forward and declare their unpaid taxes to HMRC.
Kevin Kinsella Jnr, of KinsellaTax, said:
“The thought of disclosing tax evasion or tax avoidance to the Revenue can be too terrifying for some people. But by avoiding the issue they further put themselves at greater risk of an enquiry which is one of the most stressful things one could go through.
“If you qualify for the Electricians Tax Safe Plan and have undeclared tax then taking part in the tax amnesty in February 2012 is a straightforward way to put your tax affairs in order and a lot less stressful than a full blown tax investigation from HMRC.”