Your chance to come clean about credit and debit card payments to HMRC
HMRC has set-up the Credit Card Sales campaign to give individuals and businesses who accept card payments but haven’t declared the income, the opportunity to bring their tax affairs up to date.
It’s not an amnesty because you will still have to pay any tax you owe and, potentially, both interest charges and penalties. However if you don’t take advantage of the campaign and the HMRC subsequently discovers any issues then the penalties will be higher. In addition you’ll be open to HMRC investigation, with all of the hassle and expense, and in the worst circumstances you might even be subject to criminal investigation.
Interestingly this campaign is targeted both at existing businesses or traders who haven’t reported card transactions, and people who simply haven’t told HMRC that they have started trading.
Remember that if you have started work as a sole trader or set-up a company then you must notify the tax man.
The HMRC’s Credit Card Sales campaign disclosure form is available to download. If you need any help sorting out your accounts or dealing with HMRC then contact Lewis Smith & Co. today – call 01384 235549 or email info@lewissmith.com.
Lewis Smith & Co. – Tax return specialists
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