Register Now For A Tax Opportunity If You’re An Online Trader
Published: 6 June 2012 By Julian Stone Leave a Comment
If you’re one of the many people who trade on the internet but haven’t paid all the tax you owe you have just one week left to take part in an opportunity offered by HM Revenue & Customs (HMRC) to get your tax affairs in order on the best terms possible.
The e-Markets Disclosure Facility, is a time limited opportunity for online marketplace traders to come forward between now and 14 June to register your intention to take part in the campaign and benefit from lower penalties than those who HMRC catches up with.
If you buy and sell goods online as a trade or business but don’t have your tax affairs up to date this facility is aimed at you.
It’s not aimed at those who simply sell a few personal items, who are not traders and who are unlikely to be liable to pay tax on what’s sold.
Marian Wilson, head of HMRC Campaigns, said: “We want to make it easy for online marketplace traders to contact us and register their intention to take part in the campaign. If you owe tax and don’t get in contact, do not assume that HMRC will not catch up with you soon. It’s better to come to us before we come to you.”
HMRC has written to more than 30,000 people trading on the internet to update them on the e-Markets Disclosure Facility and information on more than 100,000 people is currently being assessed.
If you don’t come forward by the 14 June deadline, you may be at risk of HMRC contacting you and could face penalties of up to 100% of the tax owed, or even a criminal investigation.
If you make a full disclosure you will be offered a simple and straightforward way to put your tax affairs right and may not be charged a penalty at all, or perhaps get a penalty of no more than 10% of the tax you owe.
HMRC has previously launched similar campaigns targeted at offshore investments, medical professionals, plumbers, VAT defaulters, coaches and tutors, and electricians.