HMRC tax disclosure
Credit Card Sales Campaign - New voluntary tax disclosure opportunity for businesses taking credit and debit card payments.
New powers mean HMRC has information from the UK’s merchant acquirers – the companies that process all card payment transactions – to find out the number and value of transactions completed by every business that accepts card payments. HMRC does not receive any personal data identifying the card owners or card numbers.
HMRC is already using the information to track down businesses that have not registered to pay tax and in the coming months will begin to target businesses that are declaring some, but not all, of their income.
Whilst the majority of businesses pay the right amount of tax, HMRC is giving those that have not the chance to come forward now voluntarily and pay the tax they owe. Businesses that come forward will benefit from the best terms available- rather than waiting for HMRC to catch up with them and face a much larger bill.