HM Revenue & Customs (HMRC) has just announced a number of new disclosure campaigns as part of its efforts to target specific trades and individuals it believes represent a risk to the tax base. The announcement comes on the back of previous disclosure opportunities aimed at medical professionals, plumbers and personal tutors. Those people who chose not to come forward under these previous disclosure opportunities have since been targeted by HMRC for civil and criminal investigations.
The new disclosure campaigns will commence this year and will target these groups:
- People who fail to make tax returns and who are liable to pay tax at the highest tax rates. This will be a part of wider HMRC activity tackling failure to complete tax returns.
- Trades people working in the home improvement market. This will build on campaigns aimed at builders, plumbers and electricians, and will include several 100,000 trades people in construction and building work such as; roofing, window fitting, bricklaying, carpentry and joinery.
- People who receive income from buying and selling goods direct to others, or are paid commission.
If you wish to take advantage of the disclosure facilities, you should make sure that the financial and non-financial risks (e.g. public ‘naming and shaming’) are effectively managed before deciding on the best way forward. If you have overseas assets, they may be able to take advantage of the Liechtenstein Disclosure Facility (LDF) where the immunity from prosecution and favourable settlement terms may prove to be a more cost effective solution.
Adam Brucely have many years experience of helping clients make disclosures to HMRC of unpaid tax liabilities. We would be happy to meet with anyone who is affected, or thinks they might be affected, by these changes. Anyone who is worried that they have been underpaying tax – whether deliberately or in error, and whether they are covered by the new campaigns or not – should get professional advice without delay. Penalties will generally be less severe for taxpayers who come forward voluntarily to put their affairs in order with HMRC.” If you would like to know more, please contact us on 0845 500 3000 or 01708 754 430