This update was first published in the May 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’. The disclosure opportunity closes on 14 June. As highlighted last month, consideration of whether someone is in business is not 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.
Electricians taking advantage of the Electricians’ 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.
Glenn Collins, head of technical advisory, ACCA UK