The following Personal Tax guidance note by Tolley in association with Guy Smith of inTAX Ltd provides comprehensive and up to date tax information covering:
HMRC has a commitment within its Business Plan to run four campaigns a year.
Campaigns are disclosure opportunities offered to selected groups of individuals, traders and professionals, who wish to make a voluntary declaration of understated income and overstated expenses.
As an incentive, favourable penalty terms are offered to those within the target groups, who decide to make disclosures giving rise to additional tax.
During an enquiry or other compliance check, an individual, trader or professional can be charged up to 100% of any additional tax found to be due but, during campaigns, the penalty charged is usually no more than 20%.
Doctors, dentists, plumbers, electricians, tutors, fitness coaches and online auction traders are amongst who have already been offered beneficial disclosure deals. To keep up-to-date with future campaigns, see the HMRC website .
Further information concerning the background and selection of campaigns can be found in the HMRC campaigns - introduction guidance note.
HMRC will generally issue a press release and then undertake a publicity drive, placing adverts in the trade press or professional publications of the intended target audience.
HMRC follows up the initial media publicity with letters to those people it believes should be aware of the disclosure opportunity. It sends out thousands of letters to individuals and businesses it identifies from its internal database. For example, 64,350 letters were issued by HMRC as part of the electricians’ campaign.
Regular updates on forthcoming disclosure opportunities and the success of ongoing campaigns are regularly publicised on the HMRC website .
For most campaigns, there are two key deadlines.
The first deadline involves a notification period. A date is set by when the individual, trader or professional within the target group has to notify HMRC of an intention
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login