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HMRC Issues Amnesty Deadline Reminder

by Robert Lee,, London

08 August 2012

HM Revenue and Customs (HMRC) has warned the UK's electricians that they have just one week left to participate in a tax amnesty scheme.

Under the Electricians Tax Safe Plan, electricians can pay any tax and interest they owe, and receive reduced penalties of only 10%. The penalty rate charged is normally up to 100% of the tax owed. Criminal investigation is also threatened in the worst cases.

Under the amnesty, those participating must pay the tax they owe by August 14. Disclosures can be made online or via an HMRC telephone hotline.

Issuing the deadline warning, Marian Wilson, head of HMRC Campaigns, said: “Electricians who think they owe tax should get in touch today and get their tax affairs in order, easily and on the best terms. If you cannot afford to pay what you owe all at once, don’t worry. Depending on your circumstances, you may be able to spread the payments.

“Once the disclosure opportunity closes on August 14, electricians who have not come forward but are found to have unpaid tax liabilities will face higher penalties, rising to 100% of the tax evaded or, possibly, even criminal prosecution,” Wilson stressed.

Previous HMRC campaigns have targeted offshore investments, medical professionals, private tutors and coaches, plumbers, value-added tax (VAT) defaulters, online traders and higher rate taxpayers who have failed to submit tax returns.

Together, voluntary disclosures made under these schemes have so far generated nearly GBP510m (USD799m). A further GBP120m has been collected from HMRC follow-ups, with over 18,000 investigations completed.

TAGS: tax | tax avoidance | tax incentives | interest | revenue guidance | United Kingdom | offshore | professionals | HM Revenue and Customs (HMRC) | tax breaks | revenue statistics | penalties | HM Revenue and Customs (HMRC) | trade

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