Categorized | news

Tutors and coaches should settle up with HMRC by end of March

Tutors and coaches should settle up with HMRC by end of March

Contractor accountants may want to inform tutors and coaches that they have only a limited amount of time remaining if they want to take advantage of the Tax Catch Up Plan.

The Revenue launched the Tax Catch Up Plan last October. Tutors and coaches were given until the 6th of January to tell the Revenue that they wanted to take part in the scheme and they now have to pay their outstanding tax, plus penalties and interest charges, by the end of March.

The head of campaigns at HMRC, Marian Wilson, said it’s better to own up now rather than wait for the Revenue to hunt you down. People who take advantage of the disclosure opportunities will face lower penalties than they would do if they were caught at a later date.

Anyone who owes tax and has still not declared it should do so now as the Revenue will begin analysing the data it holds on suspected tax evaders at the beginning of April. Although people who own up now may not receive such preferential terms as those who took advantage of the January 6th deadline, they will still receive lower fines than those who sit back and do nothing.

HMRC can fine tax evaders up to 100% of the tax they owe, and in some cases a criminal investigation will follow.

Since the Revenue started its programme of voluntary disclosures it has raised more than £500 million in tax that would otherwise have gone undeclared. An additional £105 million has been raised from follow-up investigations.

© 2012 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: Hare Hiding From Protection by Lauren Tucker Photography

Be Sociable, Share!

Leave a Reply

You must be logged in to post a comment.

  • Switch Accountants for FREE

    Switch Accountants for FREEAt K&B Accountancy Group we have introduced a simple and straightforward approach to changing accountants. We’re offering contractors, consultants and freelancers the opportunity to switch to K&B Accountancy Group for FREE without the need to pay for any ‘catch up’ or retrospective accountancy fees for the previous year’s accounts and corporation tax return* *T&Cs apply

our top 5 twitter posts


contractor accountants


twitter Join the conversation
Free Telephone Advice