Credit Card Sales Campaign

Source: HM Revenue & Customs | | 26/11/2015

The Credit Card Sales campaign offers individuals and businesses that accept credit and debit card payments the opportunity to bring their affairs up to date and take advantage of the best possible terms. Any individual or company that accepts credit and debit card payments should be registered with HMRC.

There are a number of steps involved in taking part in this disclosure opportunity. The first is to notify HMRC that you want to take part in the Credit Card Sales campaign. Taxpayers must then make a full disclosure about all income, gains, tax and duties within four months from the time a notification acknowledgement is received. This is followed by making a formal offer and payment of tax dues together with fully co-operating with HMRC throughout the process.

HMRC guidance states that penalties for a full disclosure made as part of the campaign will usually be levied at 0%, 10% or 20% depending on the circumstances. There are higher penalties for offshore liabilities. Taxpayers who are contacted by HMRC before making any disclosure will not have the opportunity to use the terms of this campaign. Penalties of up to 100% of the unpaid liabilities, or up to 200% for offshore related income could then be levied along with the risk of criminal prosecution is serious cases.

We would strongly advise any of our readers who may be affected by this issue to contact us as soon as possible to discuss the implications of making a disclosure.

 

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