Ideal Business Consultants

Tradespeople are being urged to get their taxes in order and pay anything they owe or face hefty fines, it has been revealed.

Plumbers, gas fitters and electricians are a few trades that will be targeted by the taxman in a new Tax Safe Plan campaign which aims to take tough action against those not paying tax.

The HM Revenue and Customs will be writing to approximately 50,000 UK tradespeople with a warning to pay the tax that they owe or be subject to fines of up to 20% of that outstanding, which could be colossal for many tradesman insurance holders.

As part of an operation which aims to minimise tax avoidance and illegal evasion in the UK, the campaign is urging tradespeople who mainly work for cash to take advantage of the temporary amnesty while they can. It is important to note that any investigation after the amnesty period could result in 100% penalties and prosecution.

According the government, £45billion is lost each year as a result of unpaid taxes. Last year the campaign raised £9 million when it targeted doctors and other medical professionals.

Mike Wells, HMRC’s director of risk and intelligence said:

“Our aim is to make it easy for [tradespeople] to contact us, make a full disclosure of income and face a reduced penalty.”

The amnesty opportunity expires 31st May 2011, so don’t delay and ensure your taxes are up-to-date and in full order.

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