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Deadline Day looms for Electricians Tax Safe Plan (ETSP) 30/07/12

The ETSP began in February 2012 and builds on HMRC's plumbers' campaign and gives an opportunity for electricians to come forward and declare unpaid tax. Considering that the Tax Safe Plan has so far generated an additional £1.98million, with more expected once the final disclosures are made, it is no surprise that HMRC are utilising similar tactics for their latest campaigns.

The HMRC website defines an electrician or electrical fitter quite widely as ‘anyone who installs, maintains and tests electrical systems, equipment and appliances under stringent safety regulations.’

If you disclosed to HMRC unpaid taxes before 15 May 2012 under this scheme, you have until 14 August 2012 to calculate how much tax you owe and pay the tax, interest and penalty.

If you had not paid enough tax and you do not take the opportunity to make a disclosure under the ETSP, you will suffer much harsher penalties should HMRC catch up with you at a later date.

HMRC has said that it will investigate those who fail to come forward by 15 May 2012 and may even take criminal action in some cases.

The ETSP guarantees a maximum 20% penalty on the outstanding taxes, and in many cases the penalty will be capped at 10%.

If you need any help in making a declaration or want to ensure that you are doing things properly, please contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
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