The Electrician's Tax Safe Plan (ETSP) launched in February 2012 and closed on 14 August 2012.
Electricians’ Tax Safe Plan (ETSP)
- The Electricians Tax Safe Plan runs from 14 February 2012 to 14 August 2012.
- It is aimed at anyone who installs, maintains and tests electrical systems, equipment and appliances.
- It covers any tax owed, for whatever reason.
- Electricians must notify HMRC by 15 May online by completing a form at: www.hmrc.gov.uk/campaigns/notify.htm
- Disclosure is open until 14 August
- If a full disclosure is made, most will only face a penalty rate of only 10 per cent, with a maximum of 20 per cent.
- HMRC will investigate those who have failed to come forward who will face higher penalties, rising to 100 per cent of the tax evaded or, potentially, criminal prosecution.
Although the terms of PTSP and other past tax disclosure opportunity have allowed for a general amnesty for all taxpayers, HMRC continued to offer special disclosure activities to different trades and professions on a piecemeal basis.
The significance of this offer for those in the electrical trade is that by making a voluntary disclosure at this stage may significantly reduce the amount of penalties due and should also avoid the possibility of criminal investigations taking place.
HMRC is able to take advantage of its powers under its information and inspection powers afforded by Schedule 36 FA 2008 to inspect business premises.
