Admiral Tax reminds Plumbers, heating engineers and gas fitters, that the deadline for the much publicised Plumbers Tax Safe Plan (PTSP) is fast approaching.
Those with undisclosed income or irregularities in their tax affairs have until the 31st August 2011 to come forward and make arrangements with HMRC to settle any unpaid taxes.
Full details here – PTSP article
Those that come forward voluntarily and disclose now will be offered very generous settlement terms.
Other trades
Sensibly HMRC have decided not to confine the PTSP to individuals or companies in the plumbing profession. The arrangement also allows those engaged in associated trades to come forward and voluntarily disclose, with a guarantee of being subject to the same penalty regime.
See previous article here – PTSP open to other trades
Tax track readers will recall that the tax authority have obtained data from the Corgi and Gas Safe registers to identify traders who may have under declared their income or overstated their expenses.
Comment
If you are a trades person with concerns regarding the integrity of their tax affairs then it would it would be folly not to take advantage of this plan.
If you miss the deadline and HMRC later open a formal tax investigation then you are likely to face extremely punitive penalties.
The plan has been widely publicised so it will be more difficult than usual to argue mitigation.
More serious cases could see HMRC launch criminal investigations.
Contact
Admiral Tax have unrivalled experience in managing voluntary discolsures under the various HMRC amnesties.
We will act as that invaluable buffer between you and HMRC, allowing you to focus on your business and family life.
We have a fantastic track record of success in dealing with voluntary disclosures and can guarantee you the very best financial settlement possible.
You can ring the office 24/7 on 0845 519 2206 or if you prefer contcat us direct via email – info@admiraltax.co.uk
Swift, positive action now could save you thousands of pounds.
