Trainees currently undertaking plumbing courses should be aware of the plans HM Revenue & Customs have for those who fail to declare the full extent of their income by the end of the tax amnesty.
The deal offered by HM Revenue & Customs (HMRC) for traders’ working in the plumbing, heating and gas industry was recently put into place for them to come clean about undisclosed income by May 31st 2011, this has been known as the Plumbers Tax Safe Plan (PTSP).
The Plumbers Tax Safe Plan is designed to give self employed plumbers and tradesmen the chance to declare any extra income before the May deadline in order to avoid the crackdown on tax evasion which the HMRC has at the heart of its new plans
Ian Macleod of EDF Tax investigations commented that:
“HMRC has improved its information gathering and analysis techniques over the last few years, and wouldn’t have introduced this scheme if it wasn’t sure it had quality information about lots of wrong returns for workers in the plumbing and heating sector.”
This is a forewarning for those on plumbing courses as HRMC will now watch those employed in this industry closely in the coming years.
Mr Macleod then goes on to explain that if those who may not have declared themselves by the 31st of May will face much higher penalties.
Those in other trades also need to be aware as research and investigations into these are likely to follow.