Electricians Tax Safe Plan (ETSP)
HM Revenue and Customs have decided this month to target Electricians, as this is an area where they feel there is undeclared income.
If you are an electrician and you’ve not yet told HMRC that you have started working for yourself or you’ve not disclosed all your income, you probably won’t have paid the right amount of tax. If that’s the case, you can use the ETSP to help get your tax affairs up to date.
If you take part in this campaign and tell HMRC about any income that you haven’t previously disclosed:
- you may only have to pay for a maximum of six tax years
- you can tell HMRC how much penalty you should pay
- you may be able to pay what you owe by instalments
It’s basically a ‘fresh start’. You can stop worrying about what might happen when HMRC find out that you’ve not been telling them about all of your income. It’s a chance to start getting things right from now on, whilst knowing exactly how much it’s going to cost to sort out things for earlier years.