Overview
Launched in October 2014, the Credit Card Sales Campaign is aimed at businesses (including individuals) that accept payments by credit and/or debit card for goods and services and that have not declared all their sales to HMRC.
HMRC have been able to secure details of credit and debit card payments made to UK businesses and they are comparing this data to the declared turnover of various businesses. Where there is a discrepancy, HMRC are starting investigations to establish whether the business has underdeclared their turnover.
The advantage of using this campaign is that penalties will be lower than if the information is not volunteered and HMRC catches up with the taxpayer. HMRC will tend to view any undeclared income as being deliberately concealed and this will have a bearing on the eventual penalty that will be applied.
We have recently assisted a number of clients who have not declared their full credit/debit card income to HMRC in the restaurant, retail, online, and hairdressing/beautician sectors.
How can WLH Tax help
If you would like to make a voluntary disclosure to HMRC via the Credit Card Sales Campaign then please contact us for a free, confidential and no obligation discussion. We are happy to have an initial free of charge meeting with prospective clients.