HMRC DISCLOSURE OPPORTUNITY UPDATE

We have reported previously on HMRC "encouraging" voluntary disclosure of undeclared tax in certain industries. Well, they have now announced where they will be focussing their attention for the rest of this year! HMRC's usual approach is to offer a short window to make a voluntary disclosure in return for reduced penalties. Those who don't take advantage of this opportunity, and who are subsequently identified by HMRC, face higher penalties and the possibility of criminal prosecution.

This year HMRC have confirmed that they will be targeting:

• Direct sellers. This includes those selling at parties or door to door. This could include sellers of Avon, Betterware, Jamie at Home and Pampered Chef products.

• Home improvement tradespersons such as roofers, bricklayers, carpenters and window fitters. HMRC had previously announced a crackdown on electricians and plumbers have already been targeted.

• Online sellers including those using sites such as Ebay and Gumtree.

• People with missing tax returns. The previously announced review of tutors and coaches is still in progress.

If you fall into one of these categories and you are concerned that your tax affairs may not be completely up to date, please get in touch to discuss what you need to do. If you receive any correspondence from HMRC in connection with these reviews it is advisable to take professional advice early rather than later.