Plumbers, along with heating engineers and gas fitters, have today been issued with a reminder from HMRC that they only have a week left to take advantage of the Plumbers Tax Safe Plan (PTSP) initiative.
The PTSP was introduced to encourage members of the plumbing trade to come forward and declare any unpaid taxes to HMRC. Those doing so under the scheme would receive reduced penalty rates of between 10-20%. Plumbers have until 31st May 2011 to register for these favourable tax return terms – after which HMRC will be enforcing a comprehensive clampdown on the industry in a bid to eradicate tax cheats.
To join the PTSP scheme before next weeks deadline, plumbers must register their intentions to make a full disclosure to HMRC here: http://www.hmrc.gov.uk/trades-disclosure/index.htm. Once that is done, they then have until 31st August 2011 to make arrangements to pay any outstanding tax amounts and incurred late payment penalties.
By signing up to the PTSP, plumbers will benefit from a simple and straightforward tax payment plan as well as being charged reduced penalties. Those who have outstanding tax payments who fail to sign up will be subject to an industry wide investigation over the coming months. Mike Wells of HMRC said:
“If you owe tax but haven’t yet heard from HMRC, do not assume that we will not catch up with you. Plumbers, gas fitters and heating engineers whose tax affairs are not in order need to contact HMRC now and fully disclose their income. This will allow them to take advantage of a reduced penalty.”
“We are determined to ensure everyone pays their fair share and will begin using a variety of intelligence sources to target plumbers who have not declared their full income as soon as the chance to register for the scheme has passed.”