Today, HM Revenue & Customs has launched the Plumbers' Tax Safe Plan, primarily aimed at small traders working in plumbing, heating and gas installation sectors.

However, it is important to note that the scope of the Plan is much broader than this: any business is potentially eligible and not just in the Home Improvement sector; it is available to companies as well as to individuals; and initial investigations indicate that even people without a business - i.e., with undeclared investment income - may also use the scheme.

The main benefit of the Plan appears to be the offer of significantly reduced penalty rates - 10-20%

The Plan is following a similar schedule to previous opportunities/schemes: notifying HMRC that a disclosure will be made (by 31 May) and then disclosure itself. (By 31 August).

There was also an entry in HMRC's "What's New?" Section on 18 February How to tell HMRC about Undeclared Income, which appears to be related.

Article Added Tuesday, 01 March 2011 | 2149 Hits

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