HMRC's Credit Card Sales Campaign
HM Revenue and Customs (HMRC) 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 all the tax they owe.
HMRC has launched its “Credit Card Sales Campaign”: an opportunity to bring your tax affairs up to date if you are an individual or business that accepts credit or debit card payments. The campaign provides two steps: notification of a potential under-declaration of tax; and disclosure and payment of the tax due. HMRC will require payment of the relevant tax within 4 months of the date of acknowledgement of the notification.
Individuals and businesses which fail to take advantage of this campaign and which are later found not to have declared all of their credit card sales income may be subject to higher penalties, and/or criminal prosecution.
No closure date has been announced for the campaign.
Contact our Head of Tax, Katharine Arthur, for further details and assistance.