On 14 February 2012 HMRC launched a tax amnesty aimed at electricians called the Electricians’ Tax Safe Plan (ETSP). Initially around 50,000 individuals will be sent letters inviting them to report previously undisclosed earnings.
Individuals who disclose using the ESTP will only have to report undeclared income from the last six tax years and will suffer a reduced penalty of between 10% and 20% of the tax due.
To disclose using the ETSP, the individual must notify HMRC of their intention by 15 May 2012, with the deadline for finalising the disclosure and payment being 14 August 2012.
HMRC have warned that electricians who have undisclosed income and do not come forward may face criminal investigation and prosecution.
If you would like assistance in making a disclosure, Eaves and Co would be happy to assist. Please call our Leeds office on 0113 2443502.