TaxPersonal TaxPlumbers offered tax amnesty

Plumbers offered tax amnesty

Plumbers will only have to pay undeclared tax for the past five years and pay penalties of 10%, Accountancy Age can reveal

PLUMBERS WILL BE subject to the next tax disclosure agreement set up by HM Revenue & Customs, Accountancy Age can reveal.

The plumbers’ tax safe plan (PTSF) agreement allows people in the profession and the associated trades to declare their unpaid taxes for the past five years (More analysis here). The penalties will be 10% for careless errors and 20% for deliberate defaulters.

Anyone thinking of entering the scheme will have until 31 May this year to notify HMRC of their intentions, and they will have to make arrangements to pay them off by 31 August.

HMRC has said that it does not have specific information about plumbers’ accounts, unlike its previous disclosure agreements, which have focused on the medical profession, offshore accounts and accounts in Liechtenstein.

An HMRC spokesman told Accountancy Age there was evidence from inspectors that a minority of people in the profession are not fully disclosing their earnings. It is using data obtained from the Gas Safe and Corgi registers to target plumbers who have not made a full declaration and failed to come forward during this amnesty.

“HMRC has used legal notices and new technology to gather and analyse data from industry bodies, tax records, advertising directories and health and safety prosecutions,” he said.

“This detailed information will be used to contact and then pursue people who should come forward and use the PTSP. Anyone HMRC catches up with who could have used the PTSP will definitely face greater penalties than if they came forward, and risk prosecution.”

A hotline has been set up from today until 31 May for enquiries about the scheme on 0845 600 4507. You can also find information at www.hmrc.gov.uk/plumberstaxsafeplan

 

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