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Tax Amnesty For Internet Traders

People who've been trading on the internet but haven’t paid the taxes they owe have been offered a three-month amnesty by HM Revenue & Customs (HMRC) to pay the outstanding tax due and take advantage of lower penalties.

The idea behind this is that if you’ve been trading on the internet and deliberately not declared all your income in the past, you can now come forward and get on track. The incentive is that if you own up now you’ll only have to pay a relatively low penalty of no more than 10% or possibly even none at all.

After that date, using information they’ve pulled together from various sources, HMRC will target those people who have failed to come forward and will charge much higher penalties, maybe as much as 100% of the tax owed, or they could even start a criminal investigation.

If you want to take advantage of this facility you have to initially register with HMRC of your intention to take make a voluntary disclosure before 14 June 2012. You then have to give HMRC further details about the tax due and make arrangements to pay any tax, interest and penalties by 14 September 2012.

We can help.

If you've been selling items on the internet without advising HMRC we can let you know whether this may be seen as trading and therefore if it comes within the terms of the tax amnesty. If it does, we can help work out how much income you might have under-declared in the past and how much tax you might owe, and we can help you get the best settlement with HMRC.

If you want our assistance please contact Paul Draper on 0161 495 4700 or email him at This email address is being protected from spambots. You need JavaScript enabled to view it. as soon as possible.

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Clarke Nicklin House, Brooks Drive, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3TD. Registered Number OC309225.
The firm is registered to carry on audit work in the UK & Ireland. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001178544. The professional rules applicable are the Audit Regulations and Guidance which can be found at www.icaew.com/regulations, and the International Standards on Auditing (UK and Ireland) which can be found at www.frc.org.uk/apb/publications/isa.cfm.