The deadline for electricians to regularise their tax affairs is fast approaching. The Electricians Tax Safe Plan (ETSP) is designed for people who work (or worked) installing, maintaining and testing electrical systems, equipment and appliances – and covers
any tax owed, for whatever reason.
The ETSP is aimed exclusively at electricians and offers an opportunity for them to disclose undeclared income and bring their tax affairs up to date. As a first step, qualifying taxpayers must notify HMRC by
15 May 2012 of their intention to take part in the ETSP either online or by phone. An actual disclosure along with an arrangement to make payment of all tax, interest and penalties due must be made by 14 August 2012.
Making a disclosure using the ETSP can significantly reduce the amount of penalties due and should avoid the possibility of criminal investigations taking place. Most disclosures under the ETSP umbrella will be subject to a penalty rate of 10% with a maximum
rate of 20%. Electricians who currently have undisclosed taxable income are strongly advised to consider the benefits of making a disclosure under the plan.
HMRC will begin investigating those who have failed to come forward after the 15 May 2012 deadline and electricians found to have undisclosed liabilities will face substantial penalties and possible criminal prosecution.