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Tax Tip

The latest HMRC Amnesty for Tax Arrears.Added 08/04/11

On 1 March 2011 HM Revenue & Customs (HMRC) announced a new disclosure facility for those working in the plumbing industry called, appropriately, The Plumbers Tax Safe Plan (PTSP).This applies to people who work in the plumbing, heating or gas installation trades and offers preferential terms if they come forward and disclose any irregularities in their tax affairs.

This is not new, the HMRC have previously launched such initiatives for medical professionals, the Tax Health Plan (THP), which prompted 1500 disclosures netting HMRC approximately £9 million in extra revenue.

The first step in the process is to notify HMRC by 31 May 2011 that there is a disclosure to be made and the detailed disclosure must be made by 31 August 2011.

Stuart Coleman, Manager of the Tax Department of ABDS says:

“This legislation applies to any taxpayer not only plumbers who can make a disclosure using the same forms as for the PTSP and that those coming forward can expect broadly the same terms as are being offered under the Plumbers Tax Safe Plan.
It’s worth noting that this may possibly be the last chance to come forward before harsher penalties are imposed.”

If you’re concerned about undisclosed income then now is the time to seek advice from ABDS’s specialist tax department, who can provide confidential and impartial advice.

ABDS of Southampton, for all of your Tax Planning, Compliance and Tax Returns.

Tel: 023 8083 6900  E-mail: abds.marketing@netaccountants.net
 

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