An interesting article appeared on BBC News recently, further highlighting HMRC’s crackdown by targeting internet companies who may have to provide more information on people and businesses who sell goods and services online.
As stated in the article, HMRC are using data stored online to highlight the businesses that have failed to register for tax, as well as individuals who fail to declare the money they make online, and those caught will be the recipient of a self assessment tax return enquiry.
HMRC also claim this “hidden economy” could be worth up to £5.9bn a year in tax revenues to them, so it’s big business.
Click the image above to read the full article.
What happens if you get caught?
If you get caught in the crackdown, you can expect HMRC to:
- Calculate how much tax you owe them
- Automatically add interest from due dates for payment
- Charge a penalty anywhere between 15% to 100% of the outstanding taxes
What can you do?
In short, get your tax affairs up to date.
If you’re already an existing client of Sedulo, you will not need to worry about this. If you’re not and you think you may be affected (or know someone who else who may be), you will need to…
- 1. Register with HMRC
- Complete and file any outstanding tax returns
- Pay the outstanding liabilities
The simplest way to do this, and more importantly get it right, is to ask our qualified tax advisers to take on the burden for you.
We will ensure you maximise all possible expenses and deductions, whilst staying within the law.
Call us now on 0161 236 9077 or click below to get your business interests protected now…