Do you accept card payments in your business? Important information for you
Last year HMRC published guidance for all the business that accepts card payments. The guidance is called Card Transactions Disclosure Programme.
HMRC can use its legal power to obtain information, directly from the card companies, about the income of the business.
This means that the businesses which receives card payments and have not declared correct amount of income to HMRC or have not registered with HMRC for the appropriate taxes must ensure that they make disclosure of the correct income to HMRC.
The programme allows businesses to voluntary disclose the correct amount of income and pay correct tax and take advantage of reduced penalties.
If your business accepts card payments and has not disclosed correct income to HMRC, contact Premier Accounting on 01417750070 or firstname.lastname@example.org and we can help you.