HM Revenue & Customs (HMRC) have announced a new tax disclosure facility, the Plumbers Tax Safe Plan (PTSP).
Most people’s tax affairs are simple and all their tax is deducted at source so there is no scope for there to be any omissions. However, for the self-employed, those in partnership or trading through their own companies, who spend all of their time focused on their business or those whose tax affairs are just that little bit more complicated, errors and omissions can be made.
Of course, these are usually made in error rather than being deliberate misdeclarations of income etc but whatever the situation the PTSP is an amnesty and therefore an opportunity to correct any errors that you may have discovered in your own tax affairs.
The PTSP is therefore aimed at people working within the plumbing industry who have not told HM Revenue & Customs about all their income in the past and who now want to get back on track.
The good news is you do not have to be a plumber to use the amnesty. Subject to certain exceptions, most taxpayers should be able to use the facility to bring their tax affairs up to date. The PTSP facility cannot be used if you could have used a previous HMRC disclosure facility specific to your circumstances e.g. if the disclosure you wish to make is in respect of an offshore bank account or you are a medical professional. In these cases please talk to us about making a disclosure outside of the PTSP.
If you have a tax disclosure to make to HMRC it may be possible to use the PTSP. The benefits of using the scheme are reduced penalties, which are fixed between 0- 20% depending on your circumstances, and you may only have to go back six years.
If you have a disclosure to make to HMRC, you have until 31 May 2011 to notify them of your intention to use the PTSP and then until 31 October 2011 to make the disclosure.
If you would like our assistance in making a disclosure using the PTSP, please contact us at the earliest opportunity.
