18 October 2014 | Taxation, Technology
Businesses with undeclared income from debit and credit card sales have been offered the chance to settle their tax affairs on the best terms. The offer is HMRC‘s latest tax campaign, or taskforce, against tax evasion.
Businesses that make the voluntary disclosure will have four months to pay what they owe from the date they receive an acknowledgement from the Revenue.
HMRC said it has details of all credit and debit card payments to UK businesses. This information is used to identify individuals and businesses that might not have paid what they owe.
People who are found to have undeclared income could face higher penalties or criminal prosecution, HMRC said.
The information provided is for general information purposes only.
Legislation and details may have changed since this was written. The text may not include all matters that are relevant to your individual situation.
You should not make decisions, or refrain from making decisions, without taking further professional advice about your specific circumstances.
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