Five plumbers have been arrested in the first wave of HMRC criminal investigations – resulting directly from the much publicised amnesty entitled the Plumbers Tax Safe Plan (PTSP)
More dawn raids are expected to take place over the coming weeks across the UK, including the Midlands, Kent, Cambridgeshire, Yorkshire, Tyne and Wear and South Wales.
Tax Investigations – “ghosts”
A further 600 traders face protracted tax investigations which will likely result in extremely punitive penalties.
Most of those identified appear to be “ghost” traders who have been operating in the hidden economy.
Tax track readers will recall that under the PTSP, plumbers, gas fitters, heating engineers and members of associated trades who have evaded have until 31st August to co0me forward and make arrangements to settle any unpaid taxes.
Essential reading
Comment
These raids are a clear warning that HMRC intend to bare their teeth and bite if they identify traders who ignore the very generous terms being offered under the PTSP.
HMRC’s access to and interrogation of third party information have improved beyond recognition in recent years.
If you are operating in the hidden economy or have concerns regarding the integrity of your tax affairs then you should come forward now before it is too late.
The coming months will only see an intensification of HMRC’s compliance efforts in this area. The danger signals are there and should not be ignored.
Contact
If you have any questions regarding the PTSP you can contact Admiral Tax on 0845 519 2206 or email the office direct on info@admiraltax.co.uk
