Taxman outlining a tax "amnesty" for plumbers, gas fitters....

April 24, 2011 - PRLog -- The main story that is dominating industry chatter this week centres on the taxman offering plumbers, gas fitters and heating engineers an opportunity to come clean on their tax affairs, outlining a tax "amnesty" for tradesmen.

Under the Plumbers Tax Safe Plan, traders who have tax to pay, which they have not yet told H M Revenue & Customs; have until May 31 to tell the department of their intention to disclose what they owe. If they make a full disclosure, most will face a low penalty rate of 10%, with a maximum of 20%, rather than up to 100%, and threat of prosecution, which can otherwise apply.

Elsewhere in other news, Sharp is calling on the government to consider its decision to review the Feed-in-Tariff for installations over 50kW; the Construction Products Association has written to the Chancellor in advance of his Budget statement this month, encouraging him to introduce a range of measures that will help deliver the government’s growth strategy and speed up the country’s economic recovery; and the ‘Wolf Commission on Youth Education and Training’ report on apprentices is the “blueprint for the future of Britain,” says Pimlico Plumbers’ boss Charlie Mullins.

Additional news sourced from thisismoney.co.uk confirms that 'Whilst the new scheme inevitably falls short of a general amnesty, interestingly HMRC actively invites anyone with tax irregularities to come forward and disclose using the PTSP forms in the expectation of very similar beneficial terms.'

Paul Roberts, of Grant Thornton UK LLP, said: 'The amnesty is described as being targeted at plumbers, however it is also open to other traders who have undisclosed taxable income.

For more details you must visit at...http://www.energy-smart.org.uk/

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