It is now upon us! Payroll year-ends will soon need to be filed online for 2010/2011. To ensure this can be done efficiently and effectively any information for payroll year-ends that has not already been provided needs to be passed to us as soon as possible. Please inform us if there are any changes to any of your employees’ details, such as name and address, and make sure we have everyone’s NI number. If you have any queries please give us a call at the office where we will be happy to help.
The HMRC have just released details on the Plumbers Tax Safe Plan (PTSP) devised to ensure plumbers are and have been paying the correct tax. It is for anyone who works in this trade or has worked in this or any of the below sectors:
- Pipe Repairs
- Fixtures for Water
- Gas Systems
The HMRC want to give plumbers the chance to come forward with all income in the past that may not have been correctly declared at the time in order to ensure the correct taxes are being paid. By coming forward you will face lower penalties and may have the option to spread payments.
By not coming forward there is a very strong chance of incurring heavy penalties. These checks will being going back as many as 6 tax years therefore it’s a good idea to get your books in order and, if you are aware you may have underpaid your tax, apply for the above scheme.
Notification to HMRC if intending to take part in PTSP needs to be done by 31st May 2011 and full disclosure of taxes and payment must be made by 31st August 2011.
If you are not a plumber but you have worked in hot water heater repair, you may still be able to come forward with undeclared earnings and benefit from reduce penalties if you contact HMRC.
If you do not contact HMRC higher penalties maybe incurred or a criminal investigation.
If you need more information please get in touch or alternatively follow the link below for HMRC’s website: