Businesses with outstanding tax due from credit and debit card sales have a last chance to settle before facing an HMRC crackdown, DSH Chartered Accountants & Business Advisors has warned.
The Credit Card Sales campaign aims to recover outstanding tax due from all UK businesses that take payment via cards.
“HMRC holds details of all credit and debit card payments to UK businesses and has warned that it is going to use this information to identify individuals and businesses that might not have paid what they owe,” said Stephen Metcalf of DSH.
Before that happens, businesses are being given the opportunity to voluntarily disclose what they owe and settle their debts on favourable terms.
“Anyone who owes tax on card payments and fails to voluntarily disclose the amount due faces the prospect of far higher penalties or even criminal prosecution if HMRC uncovers details of their debts,” said Stephen.
Businesses making a voluntary disclosure will have four months to pay what they owe from the time HMRC acknowledges their submission.
For more details, visit www.gov.uk/creditcardsales or talk to DSH Chartered Accountants & Business Advisors, www.dsh.co.uk, 01622 690666.