The following Owner-Managed Businesses guidance note Produced by Tolley in association with Guy Smith of inTAX Ltd provides comprehensive and up to date tax information covering:
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 GOV.UK 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 a former campaign targeting self-employed electricians (the Electricians’ Tax Safe Plan).
Regular updates on forthcoming disclosure opportunities and the success of ongoing campaigns are regularly publicised by HMRC via its website. The link to the campaigns news page can be found here.
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 to make a disclosure of understated income and / or overstated expenses.
The second deadline involves the disclosure and payment period. A date is set by when the individual, trader or professional within the target
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
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
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
Normal due dateIndividuals are required to pay any outstanding income tax and Class 4 National Insurance, Class 2 National Insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2021 for the 2019/20 tax year). From 6 April 2020, UK
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.