The e-Markets Disclosure Facility, launched on 14 March 2012, is an opportunity for online sellers to put their tax affairs in order and is the latest attempt by HMRC to bring non-compliant individuals into the tax system.
The facility is aimed at people that are trading with a view to making a profit from buying and/or selling online. The key dates are:
- Register from 14 March 2012 until 14 June 2012 (via HMRC’s website or by contacting a dedicated phone-line)
- Disclose by 14 September 2012 how much is owed and make payment
People that do not take advantage of this disclosure facility face being investigated by HMRC and will be charged a significantly higher penalty (up to 100% of any tax owed) and in the worst cases may even face a criminal investigation.
Whilst the disclosure process is now a well-trodden path for advisers, determining how to quantify the unpaid tax and negotiating the more complex aspects of the UK tax system is where Gabelle can assist advisers and their clients to make sure the liability is kept as low as possible.