Prepare in the Midst of HMRC’s Campaign

Bevan & Buckland Accountants logoThe UK is the biggest card payment market in the European Union, accounting for more than 30% of all card spending and 73% of credit card spending. With more than 97.4 million debit cards and a further 60 million credit cards in circulation as of January 2016, it is fast becoming the number one way to pay for goods and services, with the introduction of contactless payment in recent years making it even quicker and easier.

Lee Bradley - Tax Director

As a leading accountancy practice serving organisations of all sizes and niches throughout South Wales, Bevan & Buckland is urging businesses everywhere to get their affairs in order and embrace the opportunity available courtesy of the Credit Card Sales Campaign. Despite being launched by HM Revenue and Customs (HMRC) in October 2014, only a small number of individuals and companies in business are taking advantage of the scheme, a fact that the team at Bevan & Buckland is determined to change.

“Whether you are an individual or business the Credit Card Sales Campaign is particularly beneficial. If you accept card payments and have not declared all your UK tax liabilities the initiative means you can get the best possible terms whilst bringing your tax affairs up to date and reflecting these transactions in your return,” said Lee Bradley, Tax Director at Bevan & Buckland at Bevan & Buckland.

HMRC now has more powers and can obtain the number and value of transactions completed by every business that accepts card payments. One case recently identified saw more than half a million pound of tax owed whilst a penalty of up to 100% also had to be paid. Those who have not registered their card payments with HMRC or have failed to declare all of their income are invited by the campaign to make a ‘voluntary disclosure’, an opportunity that means a penalty of as little as 10% can instead be applied.

 “Taking part in the campaign is certainly recommended and it’s easy to make a voluntary disclosure on behalf of your business. A notification form can be completed or you can call the Credit Card Sales Campaign helpline to inform HMRC and begin the process. A disclosure form should then be filled in and what you owe settled. You have up to four months to pay the outstanding balance. HMRC is essentially giving you a chance to put your tax affairs right, and as is always the case, it is better to go to HMRC before they come to you!” concluded Lee.

Need assistance bringing your tax affairs up to date or wish to declare via the Credit Card Sales Campaign? Contact Bevan & Buckland on 01792 410100 for professional advice and support.

For further information about how Bevan and Buckland can help your company with tax issues contact Lee Bradley on 01792 410100 or by email at help@bevanbuckland.co.uk.

 

Lee Bradley
Tax Director
01792 410119

email: lee@bevanbuckland.co.uk

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352

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