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HM Revenue & Customs have launched another disclosure opportunity, this time targeting plumbing industry workers. This follows previous disclosure campaigns for offshore investment and medical professionals. The plumber’s tax safe plan will present an opportunity for plumbers and those who are in the trade such as gas fitters and heating engineers, to come forward and pay any taxes which are due for the last five years.

As an incentive, anyone who approaches HMRC to take advantage of the disclosure will only face penalties of 10 or 20 percent maximum, rather than the current penalty charges of up to 100 percent of the outstanding amount. HMRC are offering an opportunity for individuals who are non-compliant to put things right, without facing huge penalty charges. The campaign will be launched with radio adverts and posters to publicise the opportunity. HMRC will also be contacting customers directly, to encourage them to put their tax affairs in order. Any tax which becomes due as a result of the disclosure, will have a deadline for payment of 31st August 2011.

It is very easy to fall behind with book keeping duties, which could result in HMRC launching an investigation. As record keeping falls behind, it becomes impossible to calculate and pay the correct amount of tax, and may even result in you paying too much tax. A reputable online accounting firm or low cost accountants will ensure that your tax affairs are in order whilst maximising revenue. Outsourcing administration to a national accountants will enable you to make substantial savings legitimately, without fear of HMRC launching an investigation.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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