The Electricians Tax Safe Plan (ETSP) is designed for people who work (or worked) installing, maintaining and testing electrical systems, equipment and appliances – and covers any tax owed, for whatever reason. The deadline for electricians to notify HMRC of their intention to regularise their tax affairs expired on 15 May 2012.
An actual disclosure along with an arrangement to make payment of all tax, interest and penalties due must be made by 14 August 2012. Making a disclosure using the ETSP can significantly reduce the amount of penalties due and should avoid the possibility of criminal investigations taking place. Most disclosures under the ETSP umbrella will be subject to a penalty rate of 10% with a maximum rate of 20%.
HMRC will begin investigating those who failed to come forward after the 15 May 2012 deadline and electricians found to have undisclosed liabilities will face substantial penalties and possible criminal prosecution. Whilst the official time limit for taking part in the plan has now passed, electricians who need to regularise their tax affairs should make arrangements to do so as soon as possible.