Electrician’s Tax Disclosure Deadline Imminent

You might be a whizz at rewiring but if your electrician courses didn’t teach you to handle your finances correctly, you now have less than a week to sign up to repay any undisclosed tax to HM Revenue and Customs if you want to avoid huge fines and even criminal charges in the worst cases.

This window of opportunity was created after the government decided to get tough on tax. With high levels of tax evasion (intentional or accidental) present in industries where self-employment is common, HMRC decided to look into professions like plumbing and electrical work. They have given electricians a time frame in which to register to pay any undisclosed tax to encourage responsibility before taking tough action on tax evaders.

By Tuesday 15th May, any electricians who discover that they have not paid the full amount of tax will be required to have registered to pay back any unpaid amounts. If they submit their unpaid taxes by this time, they will receive radically reduced penalties of just 10-20%. If, however, they fail to register any unpaid tax, they will face up to 100% of penalties and could even be confronted by criminal charges in extreme cases.

Once owed tax has been registered, the electrician in question will have until 14th August 2012 to repay the full amount and any reduced penalties incurred. The overall scheme is being called the Electricians’ Tax Safe Plan, and is a vital lifeline for those with outstanding tax accrued either accidentally or intentionally.

Outside of the Electricians’ Tax Safe Plan, HMRC have developed tools to help them track down tax dodgers. Using trade directories, trade suppliers, professional electrical safety certificates and tax records, the HMRC have the resources to track down those who have failed to pay the correct tax. All the more reason to get your house in order before the ‘tax amnesty’ elapses.

Good electrician courses are designed to equip future sparks for work in the real world, and organising finances properly is a key part of life as a successful, thriving electrician.  If you’d like to learn more about electrician courses that will help you develop your real life skills, Access can help. With dozens of flexible, City & Guilds accredited electrician courses available, Access can set you on the right track to a bright electrical future. Call our friendly team today on 0800 345 7492 today.