Plumbers, gas fitters and heating engineers are being enticed with a tax amnesty to declare any arrears of evaded tax. Under the Plumbers Tax Safe Plan (PTSP), plumbers, gas fitters, heating engineers and members of associated trades who have income which they have not yet told HM Revenue & Customs (HMRC) about, can come forward by 31 May to tell the taxman of their Intention To Disclose what they owe. If they go on to make a Full Disclosure, most face a low penalty rate of 10%, with a maximum of 20%: compared to the normal maximum of 100%. They have until August 31 to make their Full Disclosure and arrange for payment to be made.
After that date, using information pulled together from various sources, HMRC will carry out targeted investigations aimed at those who have failed to come forward and make a full declaration. Substantial penalties or even criminal prosecution could follow.
HMRC say “The plumbers’ tax safe plan (PTSP) is the first initiative in a campaign focused on tradespeople. It is designed to make it easy for those in the plumbing industry to put their tax affairs right – and keep them that way”.
The benefit of the Plumbers Tax Safe Plan is that those who make a full disclosure:
- Will be offered a simple and straightforward way to put their tax affairs right; and
- Will be charged a low penalty rate – (10 per cent for most who sign up, with a maximum rate of 20 per cent).
And in most cases HMRC will only go back five years – instead of the maximum 20 years.
How can Lynam Tax Enquiry Experts help me?
If you haven’t paid the right amount of tax and you are in a trade connected with plumbing (such as a general builder) then this tax amnesty could help you: but the terms are not as straightforward as they first seem and there are many pitfalls for the unwary and the badly advised. Lynam Tax Enquiry Experts have massive experience of tax disclosures. We can help you get the maximum benefits and avoid the risks of an incomplete or inaccurate disclosure.
*For a free, confidential chat about your tax affairs, don’t delay, call Paul Lynam now on 0845 643 9997.