Has the Tax Man gone “round the bend”, offering a tax amnesty to plumbers?
HMRC has launched the Plumbers Tax Safe Plan (PTSP), which is essentially an amnesty for plumbers, gas fitters and central heating installers who want to come clean about earnings they may not have declared in the past.
You will have to pay the back tax but HMRC may allow you to spread those payments if you can’t afford to pay in one lump sum. There are penalty charges involved of up to to 20% for deliberately withholding information. However if you don’t take advantage of this scheme and HMRC catches up with non-payers then the penalties will be much, much higher.
If you have started working for yourself and just not told the tax man yet, then this is a good opportunity to do so before your potential tax (and penalties) liability gets out of hand.
Feel free to come and talk to Lewis Smith & Co. if you aren’t sure of what to do next. Call today on 01384 235549 or email info@lewissmith.com to set up an appointment.
Lewis Smith & Co. – Helping start-up businesses in Dudley and around the Black Country
