Plumbers Tax Safe Plan
Posted by admin on 7 March 2011 | 0 Comments
You may recall last year, we wrote about medical professionals been given the chance to own up to undeclared income (
article here). Well, as predicted HM Revenue & Customs are trying their hand at other trades. The first of which being plumbing.
Going back up to five years, plumbers are been given the chance to declare unpaid tax, offering a
special 10% penalty rate for the most plumbers, however is more serious cases a 20% penalty. These penalties will be on top of any tax payable. Disclosure must be before 31st May and if caught out after this date there will be no favourable treatment.
However this opportunity is different to the earlier medical push where the tax man had actual information to basis enquiries on. This time they don't, meaning you have less chance of getting caught. However when caught, expect a tonne of bricks to land upon you.
If you are a cash-in-hand plumber and would like to talk about disclosing undeclared income we can offer advice catered to your individual situation. If you would like to have a free no obligation consultation please do not hesitate to either contact us or visit the enquiries page.