HMRC have recently announced that electricians will be the next group to be offered an amnesty to declare unpaid taxes.
Due to start in February 2012, the amnesty is aimed to recoup the losses from tax avoidance and tax evasion. It will also give electricians the opportunity to deal with any tax issues without the same intensity of a tax investigation.
If a taxpayer refuses to take part, the chance of a tax investigation will increase significantly and if found guilty it could lead to prosecution. HMRC are now using sophisticated computer software to detect those not paying sufficient taxes.
As the use of this kind of software rises, they are able to target specific businesses more effectively and the chances of tax fraud going undetected are diminishing.
The benefits of taking part in the amnesty, dubbed the Electricians Tax Safe Pan when making a disclosure about tax irregularities are:
- A simple and straightforward alternative to a full blown tax investigation
- A low penalty rate
- In some cases, HMRC will only go back 5 years as opposed to the maximum 20 years
Similar programs have been used successfully in the past to target tutors, online traders and coaches. Individuals finding themselves in financial difficulty due to taxes may benefit from speaking to The Business Debt Advisor. We have a great track record of negotiation informal as well as formal settlement with HMR & C.
The Business Debt Advisor is a trading division of The Debt Advisor, the only debt solution provider who are members of both DEMSA and The Debt Resolution Forum. Get in touch today to discuss your options.