In March this year the HM Revenue and Customs sent letters to 50,000 trades’ people in the plumbing industry. Warning them to pay any tax they owed, or face big fines. The Plumbers Tax Safe Plan (PTSF) offered those who work or have worked in the plumbing industry, lower penalties for the voluntary disclosure of unpaid taxes from the past five years. The scheme closed on the 31st of May. Deadlines for paying any resultant tax, plus fees, were set for the 31st of August 2012. Participants who disclosed their tax affairs have been issued fines of up to 20% of the tax owed. Those who failed to come forward could now be facing penalties of up to 100% and prosecution charges.
The HMRC are said to be “delighted” with the success of the campaign, which has collected £328,756 in unpaid tax.
A HMRC spokesman said:
“Next week – acting on behalf of all honest taxpayers – we will follow up by opening investigations into 500 cases with thousands more to follow.”
However, some experts have questioned the success of the campaign, calling the figures disappointing. Kevin Kinsella Jnr, of KinsellaTax, said:
“A 1% return is not what I call a success, one can only imagine the cost of postage and time spent to be extremely high. I would be very disappointed at such a poor return.
Previous tax amnesty campaigns have been targeted at doctors, dentists and more recently restaurant owners and staff.
If you haven’t paid your taxes and you have money or assets hidden around the world, you NEED to declare it to HMRC.
A voluntary disclosure to HMRC gives way to lower penalties and if you declare it sooner rather than later then there will be less interest to pay to HMRC.
To speak to one of our experts today call 0800 471 4546. KinsellaTax are the ones to make your disclosure to HMRC for you.