Accountants should help plumbers get tax in order this month

Contractor accountants who help self-employed plumbers and gas fitters may want to remind their clients that they only have until the end of this month to sort out their tax affairs.

In March, HMRC launched the Plumbers Tax Safe Plan to enable people in the gas fitting, heating and plumbing industries to settle up any undeclared tax at a discounted penalty rate. Those who come forward under this amnesty will only pay a fine of between 10% and 20% on the overdue amount.

Since May 31st, the Revenue has been investigating businesses that did not come forward with an initial declaration.

Mike Wells, the director of risk and intelligence at HMRC, said the department was determined to make sure everyone pays the taxes they owe and to that end it had started a series of enquiries targeting plumbers. By the end of August, 600 enquiries will be underway and many more will follow.

He went on to say that the PTSP disclosure route was still open and advised anyone who has unpaid tax to take advantage of the opportunity to come forward and avoid the risk of a potentially lengthy and costly investigation.

According to the HMRC website, the PTSP disclosure has already raised £94,000 and a further £234,756 has been declared. Nearly 600 people came forward and notified the Revenue that they intended to declare unpaid tax.

Early next year, HMRC will be running another similar disclosure opportunity for tradespeople but as yet it has not announced which trades it will be focusing on. HMRC voluntary disclosure campaigns have so far raised more than £500 million.

© 2018 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

Tags: , ,

Leave a Reply