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HMRC Issues Guide On Declaring Unreported Card Payments

by Jason Gorringe, Tax-News.com, London

15 March 2017


HM Revenue and Customs has launched a guide on how UK taxpayers that accept card payments for goods and services can declare undisclosed income.

The guide notes the tax agency obtains details of debit and credit card transactions from processing companies and uses this information to identify businesses that have not declare all or part of this income.

It provides information on how businesses can take advantage of HMRC's Card Transaction Programme, which provides for reduced penalties. Under the program, businesses must declare any unpaid tax and will then have 90 days to calculate and pay what they owe.

"HMRC believes that its customers want to pay the right amount of tax and so wants to help those that are not paying the correct amount to put that right," it said.

TAGS: tax | business | value added tax (VAT) | United Kingdom | tax authority | penalties | services

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