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Plumbers Tax Safe Plan – Plugging the leak
As part of its wider clampdown on ‘tradespeople’, HMRC have implemented a tax amnesty for plumbers, gas fitters and heating engineers in a bid to decrease the number of people working in the industry who are under-declaring their income.
HMRC is offering a reduced penalty for those willing to declare their under declared income over the last 6 years, and who are prepared to ‘start afresh’ when it comes to income declaration. In contrast, those who are found to be continually offending by under-declaring will be hit by higher penalties and even criminal investigation.
Why should you take part in the PTSP?
By using this opportunity to declare your past income you will:
- Receive a reduced penalty
- Be offered a repayment scheme for monies owed
- Start afresh with your records
- Avoid future penalties and possible criminal investigation
Do you qualify for the scheme?
The Plumbers Tax Safe Plan provides an opportunity for people who work, or have worked, in the plumbing, heating or gas installation trades to bring their finances up to date, and HMRC are in some cases offering repayment schemes to help people achieve this. The criteria includes anyone who installs and repairs pipes and fixtures for water, drainage or gas systems.
Interested? Here’s what to do next…
If you would like to take advantage of the PTSP you will need to make a notification of intent to take part by 31 May 2011, followed by a full disclosure by 31 August 2011. You can make notification online or by post or telephone. By meeting these deadlines you will receive a reduced penalty rate of upto 20%.
HMRC provide a Plumbers Tax Safe Plan Guidance Pack which contains useful information if you are considering the scheme. In the first instance ask your McLintocks Advisor for help on 0845 680 7800.
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