Public Relations Consultancy in Neath, South Wales
There are only a few days to go for people submit their self-assessment tax returns or face additional fines, independent chartered accountants WBV Ltd has warned.
From May 1st, people that have yet to send HM Revenue & Customs (HMRC) their returns will incur a five per cent or £300 penalty if their 2013-14 paper self-assessment form is outstanding.
Also, daily penalties of £10 per day for a maximum of 90 days will start from the same date if an online self-assessment return is outstanding.
Online traders have been warned they must disclose their earnings to HMRC, following a recent prosecution of an eBay trader.
South Wales independent chartered accountants WBV Ltd is highlighting the issue following the case of a Manchester man who has been jailed for two years for evading £300,000 in tax following an HMRC investigation.
John Woolfenden sold CDs, DVDs and console games via eBay and other auction sites such as Play.com and Playtrade using the name “Globalworldentertainments”, but never declared his self-employed status or sales for tax purposes.