HMRC have announced a tax amnesty period for plumbers to disclose income that has not previously been declared.
This Plumbers Tax safe Plan (PTSP) will run from 1 March 2011 to 31 August 2011.
If you take advantage of the PTSP and tell HMRC about any income you previously haven’t told them about, you may be eligible for reduced penalties of between 10% - 20%. Usually when HMRC finds undeclared income, it means fairly heavy penalties, anything from 30% to 100%, and even criminal prosecution.
During previous amnesties we helped a large number of clients declare their income and pay the correct tax. Making their disclosure in good time meant in most cases a significant saving on possibly increased penalties.
We are pleased to announce that we will once again be able to help our existing or new clients make an accurate disclosure. This will be done on a pre-agreed fee basis. We have adopted a simple fee structure of only £150 plus vat per tax year.
If you think you may be affected by this, please contact us for a free consultation and to discuss how we can assist you.
Detailed information
1. The period for making the initial notification of intent to disclose runs from 1 March 2011 to 31 May 2011.
2. All declarations and taxes due must be completed and paid by 31 August 2011, unless a pre-agreed time to pay arrangement has been agreed by HMRC.
3. The standard penalty during the Disclosure period ranges between 0% and 20% dependant upon individual circumstances.
4. The Plumbers Tax Safe Plan closes on 31 May 2011. Individuals found subsequently to have undeclared earnings will be subject to fines between 30% and 100%, and possible criminal prosecution.
Managing Director Bernard Oster states:
"Individuals who need to make a disclosure would be wise to do so now as H M Revenue & Customs have indicated that this is their last chance to bring their affairs up to date without excessive penalties being imposed"
If you are not up to date with your tax you should put that right as soon as possible. Even if you are not a plumber, you can still take advantage of the scheme and declare any undisclosed income in the same way. Individuals who come forward and put right their tax position can expect very similar terms to those offered on through PTSP.
