After the success of their campaign targeting the medical profession and plumbers the tax man has now decided to go after electricians. 50,000 electricians around the country will start receiving letters this month from HM Revenue & Customs (HMRC) warning them to pay any undisclosed taxes.
Under a time-limited amnesty, electricians can pay the tax they owe with lower penalty. Those who refuse will face 100% penalty or prosecution.
The Electricians Tax Safe Plan is aimed at anyone who installs, maintains and tests electrical systems, equipment and appliances – and covers any tax owed, for whatever reason. Under the Tax Safe Plan, electricians can come forward at any time between 14 February and 15 May to tell HMRC they want to take part. Once they come forward, they have until 14 August to make their disclosure and arrange for payment. If they make a full disclosure, most face a penalty rate of only 10 per cent, with a maximum of 20 per cent.
After 15 May, using information pulled together from different data sources, HMRC will investigate those who have failed to come forward. Substantial penalties or even criminal prosecution could follow. It's important to note that this is the same method HMRC used for the plumbers’ campaign, and that intelligence has led to 10 arrests and thousands of investigations, so we suggest electricians take this offer seriously and make preparations for full disclosure.
If you require assistance or know any electrician that does please contact Harvey Edwards LLP and we will be more than happy to help.
0113 815 1315
15 Queens Square, Leeds, LS2 8AJ