One of the three current Campaigns in HMRC’s ongoing targeted voluntary tax disclosure programme is The Card Transaction Programme. It is available to businesses that have a Merchant Acquirer account (i.e. that accept credit or debit card payments) – but have not included all the transactions in their accounts or tax returns.
The taxman has warned that it “has details of all credit and debit card payments to UK businesses” and that information will be “used to identify individuals and businesses that might not have paid what they owe”.
HM Revenue & Customs’ Campaigns are targeted voluntary tax disclosure opportunities aimed at specific groups of taxpayers. During the Campaign taxpayers in the target group can make a full disclosure of under-declared profits using a simplified method, and get the lowest possible penalties. In this latest Campaign, businesses that accept credit card or debit card payments but have not included all those sales in their accounts can come forward and put their tax affairs straight – before HMRC comes to them. HMRC caution that: “You could face higher penalties or criminal prosecution if you don’t make a voluntary disclosure now and HMRC finds out that you’ve failed to declare all your income”.
How can Lynam Tax Disclosure Experts help me?
Lynam Tax partners have a vast amount of practical experience in managing tax disclosures: including through the various Campaigns and also the Worldwide Disclosure Facility. We can advise you on the best course of action and if appropriate, help you manage any necessary disclosures, in order to obtain the optimum outcome for you, your business and your family.
*For a free, private, no obligation consultation, call Paul Lynam today on 0845 643 9997
or Andrew Nutbrown on 07718 778710