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sparky_72
Help! :sad_smile:I've just been told about the Electrician's Tax Safe Plan.... Has anybody else heard about this? Do you think it is worth taking part? HM Revenue & Customs: Electricians' Tax Safe Plan campaign
Discuss HMRC's Electricians Tax Safe Plan - Help! in the Business Related area at ElectriciansForums.net
if you have not declared your earnings and are investigated, then you could be in a pickle. are you saying you are in this position?
I think if its just a couple of mates rates jobs its not masses of money, they are after the serial offenders!
Learn from it, it sounds your like me and worry too much.
I have put all cash jobs through the books as I would stress tooooo much!
I've just opened a letter about this; apparently they will be gathering information from sources such as "online and press advertising, trade directories, industry bodies, part P certificates and trade suppliers".... Maybe even this forum...
I don't do 'private jobs' and I pay the tax they ask for every year so to speak so I won't be taking part, but if you've been doing rewires cash in hand every weekend it'll probably hit the fan if they catch you out.
It's a strange one this. If you consider how many redundancies are being made in the public sector, you wouldn't think they'd have the resources to be sifting through what would be a phenomenal amount of paperwork to say for example cross reference a spark's accounts with electrical works that they have notified to their LABC.
The best and easiest advice an accountant has given me in relation to tax is this. Every month, the first £500 profit I make is mine. Any profit after that, 1 third is for the tax man.
In my very first year of trading, I used an accountant. That accountant managed to cock up my books and a friend of mine's too along with plenty of others. He got struck off from one of the financial bodies as a result but it didn't stop HMRC from writing to me asking for more money!
I do my own accounts too. Like you said, It isn't difficult.
There's a trade off between having an accountant who you will need to pay but who will find ways of getting you to pay less tax and paying more tax but not paying an accountant. Either way, you end up paying out!
Reply to HMRC's Electricians Tax Safe Plan - Help! in the Business Related area at ElectriciansForums.net
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