Current and upcoming HMRC tax investigations
Current and upcoming HMRC tax investigations
Over the coming months, HMRC will be looking into the following business areas and providing the relevant disclosure opportunities:
Electrician's Tax Safe Plan (ETSP) - Feb 2012
Electricians are to be targeted for tax evasion from February 2012. The launch of the ETSP will build on the success of the 'Plumbers Tax Safe Plan' (PTSP) and provide an opportunity for electricians to come forward and declare unpaid tax.
E-marketplaces - Spring 2012
This disclosure opportunity will cover individuals and businesses that are using e-marketplaces to buy and sell goods, which fail to pay the tax owed. Individuals who only sell a few items and who are not traders are unlikely to be liable to tax and will not be targeted. The campaign is expected to begin in spring this year.
Liechtenstein Disclosure Facility (LDF) - ongoing
The Liechtenstein Disclosure Facility is designed to target UK taxpayers with investments in Liechtenstein (who have not been taxed) to make a full disclosure to HMRC. This agreement will allow penalties on unpaid tax to be capped at 10% of tax evaded over the last ten years.
The LDF commenced on 1 September 2009 and will finish on 31 March 2015. Both HMRC and the Liechtenstein authorities anticipate that all UK taxpayers with Liechtenstein investments will be fully tax-compliant by this date.
Submitted by MSB Accounting on Friday 27th January 2012