This update was first published in the April 2012 UK edition of Accounting and Business magazine.
As highlighted last month, HMRC is continuing with its targeted tax campaigns.
The e-market campaign was launched on 14 March and is aimed at ‘people who are trading online to sell goods and services as a trade or as a business but aren’t paying the right amount of tax’. As previously highlighted, consideration of whether someone is in business will not be straightforward and HMRC has recognised this. When considering if an individual is operating as a business you may wish to consider the badges of trade information available.
Electricians taking advantage of the Electrician’s Tax Safe Plan only need to tell HMRC that they will be making a disclosure by 15 May. They will then need to have made a full disclosure and paid tax, interest and penalties by 14 August.
Future campaigns will focus on missing returns, home improvement trades and direct selling.
Glenn Collins, head of technical advisory, ACCA UK