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The end of amnesty

The amnesty for on line traders ends today.
 
Why should this affect you?
 
If you sell items regularly, particularly on Ebay or Amazon, and do not declare your profits, you should be aware that HMRC have written to both companies asking for details of all registered traders. Undoubtedly these details will be supplied.
 
If you haven't yet received a letter from HMRC (and 30,000 letters have already been issued), then you can probably expect one soon.
 
As the amnesty has now closed, any undeclared earnings will result in substantial penalties being charged by HMRC. However, if you are affected, you should still take the opportunity to rectify your tax affairs as soon as possible to avoid an increasing bill for interest and even higher penalties. It is important to ensure you get the correct advice, both on calculating your trading profits and dealing with HMRC.
 
If you have any doubts about your situation, contact us for a no obligation meeting.