Plumbers Tax Plan Leaked

HMRC have just launced a new tax plan for Plumbers !

Under the tax plan plumbers, gas fitters, heating engineers and members of associated trades who have undisclosed taxable income can register their intention to make a voluntary tax disclosure by 31 May. If they make a full disclosure, most will face a penalty of 10% of the unpaid tax.

Once the disclosure window closes, those that have not come forward but are found to have unpaid tax liabilities will face penalties betwene 30% - 100% of the unpaid tax.

To me this scheme is not restricted just to plumbers as European Law would suggest it should be open to everyone and many people agree. The Chartered Institute of Taxation said: ‘HMRC are saying that if anyone else voluntarily comes forward to put their tax affairs in order they can expect broadly the same terms to those on offer through the Plumbers Plan.

HMRC said the new Plumbers Tax Safe Plan (PTSP) represents a ‘clampdown on tradespeople failing to declare their earnings and pay tax’. But the terms are ‘in line with those HMRC offers for any full and accurate unprompted voluntary disclosure of tax liabilities’.HMRC guidance published today says: ‘Customers who voluntarily come forward and put right their tax position can expect very similar terms to those on offer through PTSP.’

This backs up my argument, HMRC are giving everyone a chance to come forward and the message is loud and clear. Contact them before they contact you.

You can contact me for assistance mitch@ljd.uk.com