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If yes, read on because you could be the target of one of the new HMRC campaigns to catch tax evaders.
The campaigns will be launched over the next year and will use cutting-edge software and third-party information to pinpoint those not paying the right tax.
The campaigns will have three specific targets:
Private tutors
People who provide private tuition and coaching either as a main or secondary income. This could range from fitness, dance and lifestyle coaches through to teachers providing extra lessons for pupils.
E-marketplaces
People using e-marketplaces to buy and sell goods as a trade or business. If you only sell a few items and are not a trader you are unlikely to be liable to tax on what you sell and should not be targeted by the campaign.
Trades
This will build on the current campaign targeting plumbers and give an opportunity for other trades people to come forward and declare unpaid tax.
The campaigns generally do not offer significantly better settlement terms than if you disclose voluntarily. However those who do not disclose any tax errors before the campaigns end will be at risk of much higher penalties. Given HMRCs use of more sophisticated software and information powers defaulters are also more likely to be caught.
If you do think you need to disclose tax errors to HMRC, the way you make your disclosure can affect how quickly matters can be resolved and the level of tax and penalties you pay. We know how tax inspectors work, and if you ask us to help we will use this knowledge to resolve matters quickly, achieving the best outcome for you and your business.
If you are concerned about your tax position, whether you are in one of the above categories or not, please speak to Ruth Dooley on 01452 634800.
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