UK'S LARGEST INDEPENDENT TAX WEBSITE
Are you a member ?
|
Home > Tax News > HMRC > New HMRC Tax Amnesty - NOT Just for Plumbers!
New HMRC Tax Amnesty - NOT Just for Plumbers! Print E-mail
User Rating: / 1
PoorBest 
Share on Facebook

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).

For further information see Introduction to the Plumbers' Tax Safe Plan

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.

Comments
Only registered users can write comments!

About The Author

TW Articles Editor
Lee is TaxationWeb's Articles & News Editor and writes for TaxationWeb. He is a Chartered Tax Adviser with experience of advising individuals and owner-managed businesses over a broad spectrum of tax matters.

Article Added Tuesday, 01 March 2011 | 2995 Hits

 

Your attention is drawn to the disclaimer on this site, which applies to the content in this section. The content is based on tax legislation in operation at the time of publication, which may subsequently have changed. Whilst every care has been taken in its production, neither the author nor TaxationWeb Ltd. can accept responsibility for any action undertaken or refrained from as a consequence of this material.

3 FREE issues of Tax Insider Magazine

Sweet and Maxwell

Tax Books

BOOK OF THE WEEK

Core Tax Annuals 2013/14 Full Set

Includes six Core Tax Annuals plus CD-ROM and are all fully updated to the latest Finance Act

BOOK OF THE MONTH

Core Tax Annuals 2013/14 Extended Set

The Core Tax Annuals Extended Set includes 8 books
Booth and Schwarz: Residence, Domicile and UK Taxation, 17th edition

Booth & Schwarz: Residence, Domicile and UK Taxation, 17th edition provides a crisp analysis of this rapidly developing subject and expertly examines residence and other fiscal connections for individuals, companies and trusts.
Taxation of Small Businesses (4th ed)

A practical guide to all aspects of direct taxation of small businesses in one volume. Ideal for sole practitioners and small partnerships, but a handy guide for all tax advisers.
Tax software - Incorporation Calculator

2013/2014 Incorporation Calculator now available from Finansol Tax Calculators - suppliers of tax software to accountants, tax advisers and businesses since 1999.
Hitwise Award Winner Apr-Jun 2008 Hitwise Award Winner Jul-Sep 2008 Hitwise Award Winner Oct-Dec 2008 Hitwise Award Winner Jan-Jun 2009 Hitwise Award Winner Jul-Dec 2009 Hitwise Award Winner 2011 Alexa - Most popular news and media website

TaxationWeb Limited (Registered in England No. 4571386), 6 Coleby Avenue, Peel Hall, Manchester, M22 5HH, United Kingdom

By using this website, you agree to using cookies. Cookies are small text files stored on your browser when you use websites and applications (learn more about cookies).
You can control how websites use cookies by configuring the privacy settings within your browser (please refer to your browser help function to learn more about cookie controls).
Note that if you disable cookies entirely, there are parts of this website which may not function properly (e.g. logging in, commenting, etc).

Website by Dorifor Internet Marketing