Tradesmen have until 31 May to register for the Plumbers Tax Safe Plan (PTSP). Those that don’t are liable to be investigated.
HM Revenue & Customs (HMRC) warned that it will use the information held on people working in the plumbing industry to begin an immediate clampdown on those who have chosen not to come forward and take advantage of the (PTSP). Substantial penalties or even criminal prosecution could follow.
Under the PTSP, plumbers, gas fitters, heating engineers and members of associated trades who owe tax that they have not yet declared can come forward and tell HMRC under favourable terms. If they fully disclose tax arrears, most face a reduced penalty rate of only 10%, with a maximum of 20%. They have until 31 August to arrange for payment.
The PTSP is the first initiative in HMRC’s campaign aimed at tradespeople.
HMRC director of risk and intelligence Mike Wells said: “If you owe tax but haven’t yet heard from HMRC, do not assume that we will not catch up with you.
“Plumbers, gas fitters and heating engineers whose tax affairs are not in order need to contact HMRC now and fully disclose their income. This will allow them to take advantage of a reduced penalty.
“We are determined to ensure everyone pays their fair share and will begin using a variety of intelligence sources to target plumbers who have not declared their full income as soon as the chance to register for the scheme has passed.”
To join the tax plan people in the plumbing industry can go to www.hmrc.gov.uk/plumberstaxsafeplanor ring HMRC on 0845 600 4507.
Got a story? Email news@theconstructionindex.co.uk
