Any business should take their accounting issues seriously, no matter how large or small the business is. If you fail to take care of every aspect of your company's finances, you could land yourself and your business in big trouble. In many cases, even a mere oversight of a certain aspect of your company's accounts or forgetting to declare something to the Government could land you in trouble with the law.
Just this week, the HMRC came down heavily on five plumbers on suspicion of tax evasion and more than 600 more plumbers are being investigated for the same reason. Earlier this year, HMRC launched the Plumbers Tax Safe Plan, which aimed to get plumbers, heating and gas installation tradesmen to get back on track with any unpaid taxes from previous years, without legal action being taken.
Of the 600 plus plumbers currently being investigated, none had come forward since the scheme was launched. If found guilty, the penalty imposed will be significant. It has been reported that some of the worst offenders owe substantial amounts reaching 150,000. It is now up to them to come forward to the HMRC and start repaying taxes.
It should be noted that it is not only plumbers that will feel the force of the HMRC; there are several other professions that will be able to take advantage of the Plumbers Tax Safe Plan. The scheme targets anyone who is self-employed and receives an income 'cash in hand'. The recent arrests have take place in the south of the country in London, Hampshire, Surrey, Middlesex and West Bromwich and it is expected that they will send out warning signals to anyone that avoids paying their taxes.
It is expected that further raids are to be carried out in locations across the country to catch the 'ghosts' who fail to pay income tax. It is estimated that each year, 45billion is lost in the UK because of unpaid taxes.
Just this week, the HMRC came down heavily on five plumbers on suspicion of tax evasion and more than 600 more plumbers are being investigated for the same reason. Earlier this year, HMRC launched the Plumbers Tax Safe Plan, which aimed to get plumbers, heating and gas installation tradesmen to get back on track with any unpaid taxes from previous years, without legal action being taken.
Of the 600 plus plumbers currently being investigated, none had come forward since the scheme was launched. If found guilty, the penalty imposed will be significant. It has been reported that some of the worst offenders owe substantial amounts reaching 150,000. It is now up to them to come forward to the HMRC and start repaying taxes.
It should be noted that it is not only plumbers that will feel the force of the HMRC; there are several other professions that will be able to take advantage of the Plumbers Tax Safe Plan. The scheme targets anyone who is self-employed and receives an income 'cash in hand'. The recent arrests have take place in the south of the country in London, Hampshire, Surrey, Middlesex and West Bromwich and it is expected that they will send out warning signals to anyone that avoids paying their taxes.
It is expected that further raids are to be carried out in locations across the country to catch the 'ghosts' who fail to pay income tax. It is estimated that each year, 45billion is lost in the UK because of unpaid taxes.
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