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HMRC starts credit card tax campaign

13th Oct 2014
Freelance journalist
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Businesses with undeclared income from debit and credit card sales have been offered the chance to settle their tax affairs on the best terms.

The offer is HMRC's latest tax campaign, or taskforce, against tax evasion.

Businesses that make the voluntary disclosure will have four months to pay what they owe from the date they receive an acknowledgement from the Revenue.

HMRC said it has details of all credit and debit card payments to UK businesses. This information is used to identify individuals and businesses that might not have paid what they owe.

People who are found to have undeclared income could face higher penalties or criminal prosecution, HMRC said.

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By kellyanstee
14th Oct 2014 17:01

HMRC Connect is starting to show! Sounds like the cash merchants will begin to get caught out. If the credit card income matches the turnover on the tax return it will clearly show that no cash has been declared. Very interesting for the future... about time HMRC had some real power through today's technology! HMRC warned about this well over a year ago!

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